Chapter 7 bankruptcy timeline

Most of the people that want to fill for bankruptcy will chose for Chapter 7.They do because in chapter 7 bankruptcy you can wipe out most of the unsecured debts.
Chapter 7 can be a good solution especially if you have a lot of debts but there are certain things than can stop you from filling bankruptcy. For example if you received a Chapter 7 discharge in the last eight years you cannot file for Chapter 7.Also you cannot apply if you received a Chapter 12 or Chapter 13 discharge in the last six years (you may be allowed if you paid at least 70% of your unsecured debts and you showed good faith regarding paying back).

Here is how a Chapter 7 Bankruptcy timeline looks. The first 3 steps tell you what conditions you need to meet before filling for Chapter 7.

1. One year before filling

You have to know that any try to delay or defraud your creditors by transferring, hiding or destroying your property the court may deny your request. The same thing can happened if you paid a creditor who is also a relative or a close person. So make sure you don’t do stupid things and you don’t try to cheat the court.

2. Six months before filling

Also, if you had another bankruptcy case that was dismissed because you requested or because you failed to follow the court orders you cannot apply for bankruptcy. You will need to wait until 180 day pass before you can apply again.

3. Three days before filling

You need to be a resident of the state in which you want to file for bankruptcy 90 days prior to do this. If you want to file for bankruptcy and you didn’t leaved in the current state you have 2 options: wait until 90 day pass or fill for bankruptcy in the previous state.
Taking credit or spending money on luxury items can also make the bankruptcy court to dismiss your case.
Also, if you pay back any of your creditors at any time within the 90 day period prior to the filing of your bankruptcy case, the payment can be considered an unlawful preference and the court may get back all such payments and use them to pay the creditors in another way.

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