Tampa Bankruptcy Timeline

Tampa Florida Bankruptcy Timeline

The prospect of filing for bankruptcy in the Tampa area can be intimidating. Many people feel better when they know what to expect. Having an idea of the order of events and the approximate timeframe in which certain things must occur can put your mind at ease. It can help you feel more confident about your decision to pursue bankruptcy as a solution to your financial woes.

The exact timing of the events that occur with a bankruptcy varies between Chapter 7 and Chapter 13 cases. The most important thing to know, regardless of which type of bankruptcy you choose, is that there are deadlines associated with filing. Missing those deadlines can result in the denial of your bankruptcy request. This is one of the many reasons it is so important to work with an experienced bankruptcy professional. They are familiar with the timing and deadlines in the process. They will ensure you meet all of your obligations throughout the process.

Pre-Requirement for Filing

Prior to officially filing, you will likely be required to attend credit counseling from a certified program. This is a requirement to file and you will be unable to move forward in the process until you have completed the counseling. You are also required to establish that you are a legal resident of the state in which you plan to file before you will be permitted to file.

Once your pre-requirements are complete, you are eligible to file a bankruptcy petition with the court. This officially launches the bankruptcy process. Shortly after, usually within just a couple of weeks from your petition date, you are required to provide the court with all information specific to your case. This includes assets, liabilities, income, etc. In most cases, your bankruptcy attorney will be working on organizing this information in the days leading up to filing your petition, so it will be ready to go when the time comes.

Now is when the differences between Chapter 7 and Chapter 13 come into play. For instance, those filing Chapter 7 are required to file a Statement of Intention identifying any and all debts within 30 days of their petition. During the same time period, Chapter 13 filers must submit a repayment plan and make the first scheduled payment.

Meeting of Creditors

Approximately six weeks after your petition is filed, a Meeting of Creditors will be held. This gives your creditors time to review your case and make any arguments they have against your claims. For more information about the sometimes dreaded Meeting of Creditors.

Once the Meeting of Creditors is complete and your plans are settled, your bankruptcy is essentially considered in progress. There might be a few additional issues that arise, such as a proof of claims from government agencies (this must be done within 180 days of your petition being filed), such as the IRS.

All bankruptcy cases are different, but this standard timeline helps you understand the time-sensitive nature of filing for bankruptcy. If you are considering bankruptcy or have questions about when you need to take action, we can help. Contact the Law Offices of Robert M. Geller at 813.254.5696 to discuss your situation.