Chapter 7 bankruptcy timeline part3

This is part 3 of the chapter 7 bankruptcy timeline. In the first parts we present you the conditions you need to meet in order to apply for Chapter 7 and the first milestones.

9. One Month after you filled for bankruptcy
30 days after you file for bankruptcy (and before you have the meeting with the creditors) you are required to file a Statement of intention. With this document you let the court now if you intend to keep your properties that serve as collaterals for your debts or you want to give it to your creditors.
If you want to keep the properties you need to announce this to continue paying all of your debts for these assets or you need to redeem the properties at the market value.

10. 45 Days after filling
.In the first 45 days you have to finish the Statement of Intention and you surrender or keep your properties like you declared in Statement of Intention

11. Six weeks after…
The bankruptcy court and trustee will arrange the meeting with your creditos.You need to provide to the trustee a copy of your latest tax return document at least one week before.

12. The Meeting
The bankruptcy trustee will be the one that will preside the meeting with your creditors. You are required to participate and you also need to testify under oath(you will confirm what you declared in bankruptcy petition).
This meeting is very informal and most of your creditos will not even be there but in case you miss this the case will be dismissed.

13. The certification
You also need to file a statement containing a certificate from your attorney .This will state that you received explanations about the various bankruptcy chapters available. It also contains evidence of any payments received within 60 days of your filling and evidence of your monthly income.
The statement will also show an estimate of any income increase and what expenses you will have in the next year.

All article parts :
Chapter 7 bankruptcy timeline
Chapter 7 bankruptcy timeline part 2
Chapter 7 bankruptcy timeline part 3
Chapter 7 bankruptcy timeline part 4