Chapter 7 Bankruptcy Timeline

Time is crucial when you are in debt and struggling to get out of it, especially when you are being harassed by creditors. It is not easy to file a Chapter 7 bankruptcy in Ocala, and legal representation is often needed in order to do things properly. A Chapter 7 bankruptcy case typically is completed and then discharged in three to six months from filing, but there are crucial times within the process that can affect your ability to file a case and get relief. A Chapter 7 bankruptcy attorney in Ocala can help you in understanding your circumstances and guide you through the filing process. They can assist you in determining the best time to file a chapter 7 bankruptcy, too. Here are some of the important things to keep in mind:

Six to eight years before bankruptcy

If you got a Chapter 12 or Chapter 13 discharge in a case that was filed in the past six years, you can file for a Chapter 7 bankruptcy Ocala discharge as long as you previously were able to pay at least 70% of the allowed unsecured claims.

If you have filed a Chapter 7 previously and were discharged, you cannot file Chapter 7 again until eight years has passed since the filing of your previous one.

A year before bankruptcy

The court may not grant you a Chapter 7 discharge if you tried to defraud or delay creditors by hiding, destroying, or transferring your property within a period of one year before you became bankrupt. The court may even let your creditors claim the transferred property. If you find yourself in this situation, it may be crucial to hire a Chapter 7 attorney in Ocala.

If a previous bankruptcy case was dismissed within a year of the time that you filed a Chapter 7, an ‘automatic stay entered in the Chapter 7 case’ is terminated within 30 days as long as you can prove that you filed it in good faith.

180 days before bankruptcy

If you had a prior bankruptcy case that was dismissed 180 days before your latest bankruptcy because you did not obey court ordersor you voluntarily wanted a dismissal, then you cannot file a new bankruptcy case until after 180 days have passed.

While waiting, you must get a group or individual briefing from an approved credit counseling and nonprofit budget agency.

Chapter 7 bankruptcy in Ocala can be easier to understand with the help of a qualified Chapter 7 attorney. Talk to use here at The Law Offices of Justin McMurray, P.A. We are bankruptcy and foreclosure defense attorneys who can provide professional legal representation and counsel for your bankruptcy case. We provide a free consultation. To start, call now or fill out the online form in this website so we can contact you.