CALL FOR A FREE
INITIAL CONSULTATION
813.254.5696

BRIDGING YOU TO A BRIGHTER FUTURE

Your Bankruptcy Timeline: What You Need to Know Before, During, and After You File

Your Bankruptcy Timeline: What You Need to Know Before, During, and After You File

road mapTimeline for Filing Bankruptcy

Bankruptcy is not something anyone plans to do in his or her life, but once you’ve filed, looking back might allow you to see the path you were headed down for some time.

Rarely does anyone have a single event cause them to file for bankruptcy immediately. Bankruptcy is usually the accumulation of debts over the course of time, even if debt is related to a single event, such as a medical emergency.

Understanding the timeline that leads to bankruptcy can help you get a better handle on the situation and recognize what led you to filing. Knowing what lies ahead can also make it easier to deal with bankruptcy and take advantage of the opportunities filing provides.

What do you need to know about the usual bankruptcy timeline?

Up to 10 Years Before You File Bankruptcy

Chances are you aren’t thinking about filing for bankruptcy in the next 10 years if your financial situation seems relatively unthreatening now. However, if you do end up filing, you might look back five, six, or seven years or more in the past and realize there were clues bankruptcy was on the horizon.

Bankruptcy trustees know this too. They look back into your past financial situation to make sure there were no issues with asset transfers. Most go back about two to three years, but depending on your financial circumstances it might be more.

Things are a bit more complicated if you’ve filed for bankruptcy in the last decade or so. If looking back means seeing a previous bankruptcy, it could have a significant impact on your current ability to file. Depending on the type of bankruptcy you are currently considering, you could be forced to wait as long as 8 years to file.

For more information on filing for bankruptcy more than once, check out this information from NOLO.com.

The Year Before You File Bankruptcy

The year leading up to filing is likely to get the highest level of scrutiny from your bankruptcy trustee. As stated above, trustees can go back much further into your financial history, but most are concerned with what you’ve been doing the last 12 months.

Anything you’ve done in the last year before filing that could look like you were trying to hide or transfer assets to prevent the bankruptcy court from gaining access to the asset can get you into trouble.

You and your bankruptcy attorney should carefully review the last year (or two!) of your financial life and determine the best time for you to file for bankruptcy.

Three Months Before You File Bankruptcy

There are a number of factors the court takes into consideration and many of these involve what you’ve been doing the last 90 days before filing.

For instance, you’ll need to have residency in the state where you file for bankruptcy, which often means living in the state for at least three months. Not living in one location for three months doesn’t mean you can’t file, but it can affect where you are eligible to file and what rules you’ll be forced to follow.

It’s also important that you not pay back any of your debts within 90 days before filing. Your bankruptcy trustee gains control of this window of time once you file and it’s up to them to determine what debts are priorities.

It’s also important that you not incur any new debt during this time, other than for necessities.

The Month You File Bankruptcy

Immediately after filing for bankruptcy, the automatic stay will be enacted and creditors will no longer be able to pursue collection efforts against you. You’ll receive notification from the court about any important upcoming dates, including your Meeting of Creditors, which typically takes place about three to six weeks after you file. The creditors will then have 30 days after the meeting to file any objections.

You’ll also need to clarify for the bankruptcy court what assets you intend to keep or reaffirm within the first 30 days after filing.

Meeting the deadlines during this time is an essential part of protecting your assets in bankruptcy, so it’s important to work closely with an attorney who understands the bankruptcy timeline.

90 Days after You File Bankruptcy and Onward

At this point, the bankruptcy court assumes most control of the process and your responsibility is to ensure you stay on track with future financial plans. This means meeting your Chapter 13 repayment obligations or focusing on rebuilding your credit in Chapter 7.

Your attorney will go over a detailed timeline with you that takes into consideration your specific circumstances and needs.

To learn more about bankruptcy or to speak to someone about what you can expect in the years, months, and weeks surrounding your bankruptcy, contact the Law Office of Robert M. Geller at 813.254.5696 to schedule a consultation.

Tampa Bankruptcy Law Blog

Debt Resolution, Surprising Facts about Bankruptcy

Debt Resolution, Surprising Facts about Bankruptcy

On the August 9, 2019 episode of Tampa Home Talk, Tampa Bankruptcy Lawyer, Robert Geller joined to show to answer...
Read More
Should You Be Afraid of Bankruptcy?

Should You Be Afraid of Bankruptcy?

Bankruptcy has a bad reputation. People do all they can to avoid filing and even those who have never considered...
Read More
Tips for Testifying at Your Bankruptcy Hearing

Tips for Testifying at Your Bankruptcy Hearing

Testifying at a Bankruptcy Hearing - 341 Meeting of Creditors One of the most intimidating aspects of filing for bankruptcy...
Read More
Bankruptcy Dictionary: Terms You Need to Know Before You File

Bankruptcy Dictionary: Terms You Need to Know Before You File

Bankruptcy Terminology One of the most challenging things about filing for bankruptcy is understanding the language associated with it. It’s...
Read More
What Causes Bankruptcy: The Answer is Never Simple

What Causes Bankruptcy: The Answer is Never Simple

There are many reasons that people need to file bankruptcy. People file for bankruptcy for a variety of reasons. There...
Read More
Common Misunderstandings about Chapter 13 Bankruptcy

Common Misunderstandings about Chapter 13 Bankruptcy

If there’s one thing that’s true about bankruptcy, it’s that there are a lot of misconceptions out there about the...
Read More
What Post-Bankruptcy Life REALLY Looks Like

What Post-Bankruptcy Life REALLY Looks Like

Life after Bankruptcy The idea of living without debt is the dream of many. This is especially true for those...
Read More
Five Things You Should Know Before Filing for Bankruptcy

Five Things You Should Know Before Filing for Bankruptcy

5 Factors that Affect Bankruptcy Filing Bankruptcy can be a scary step, but it’s one that can significantly improve your...
Read More
Getting a Chapter 13 Discharge without Completing Your Payment Plan: What You Need to Know

Getting a Chapter 13 Discharge without Completing Your Payment Plan: What You Need to Know

Chapter 13 Bankruptcy Discharge and Non Completion of a Payment Plan When you file for Chapter 13 bankruptcy you’ll be...
Read More
How Do You “Declare Bankruptcy”?

How Do You “Declare Bankruptcy”?

Declaring Bankruptcy There’s a lot of misinformation regarding bankruptcy. It’s unfortunate because many people who are struggling financially could benefit...
Read More

Contact Us

Search Website

Archive

Request a FREE Consultation

For The Next 5 Days Get A Free Book About Bankruptcy


 
comodoavvo1
avvo2avvo3LEA

We are A Debt Relief Agency.
We help people file for
bankruptcy under the Bankruptcy Code

Pay Online   Bankruptcy Courses   

Tampa Office

$Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405


Tampa Law Office Map

St. Petersburg Office

$Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G

St. Petersburg, FL 33701
T: (727) 532-3939


Map and Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320





Maps & Directions

At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people with consumer bankruptcy matters in the Tampa Bay-St. Petersburg,  Florida communities such as Clearwater,     St. Petersburg, Tampa, Thonotosassa, Riverview, Lutz, Plant City, Brandon, Carrollwood, Wesley Chapel, St. Petersburg Beach, Lakeland, Mulberry, Dade City, Pinellas Park, Largo, Seminole, Odessa, Oldsmar and Lithia, and counties such as Hillsborough County, Pinellas County, Pasco County, Polk County and Manatee County.