Chapter 7 Bankruptcy Timeline
- Voluntary Petition filed on behalf of the Debtor: once the petition is filed with the Bankruptcy Court, the Automatic Stay is invoked and creditors must cease collection attempts.
- Notice of Filed Case: notice of the case is sent to all creditors and parties of interest advising when and where the Section 341 meeting will be held.
- Section 341 Meeting: This is where the debtor, the attorney, the creditors, and the Trustee meet to examine the debtor under oath regarding the Petition that was filed with the Clerk of the U.S. Bankruptcy Court. The creditors rarely show up to the meeting unless the debtor has significant assets or has otherwise acted in a fraudulent manner.
- Discharge of Debtor: Debts that were eligible for a discharge are discharged unless there are any objections to the discharge by any of the creditors or the Trustee. Absent any objections, the debtor is given a “fresh start”.
