Kane County, Illinois Bankruptcy

Basic Bankruptcy Timeline

Depending upon whether you file a Chapter 13 or Chapter 7 bankruptcy, your case may be resolved and your debt discharged within 3 to 5 years (Chapter 13) or within as little as 6 months (Chapter 7). The basic timeline for filing for bankruptcy in Kane County, Illinois is listed below.

Before Filing:

180 days before filing: a debtor must complete a credit counseling course with an approved agency in order to qualify to file for bankruptcy. This must be done within 180 days prior to filing the bankruptcy petition.
90 days before filing: a debtor must be a resident of Illinois for a minimum of 90 days in order to file for bankruptcy in this state.

After Filing:

15 days after filing: within 15 days of filing a bankruptcy petition, a debtor must file particular information with the bankruptcy court involving assets, income, expenses and liabilities. If the debtor filed a Chapter 13 case, he or she must also provide a repayment schedule.
30 days after filing: for Chapter 13 cases, the debtor must make the first payment to the bankruptcy trustee based upon the repayment schedule submitted earlier. For Chapter 7 cases, the debtor must file a Statement of Intention with the court, stating which debts he or she would like to reaffirm in order to keep certain property by making continued payments.
45 days after filing: the court will hold a Meeting of Creditors approximately 6 weeks after a debtor files for bankruptcy. At this time, the debtor will need to testify, under oath, regarding all the information provided to the court thus far.
6 months after filing: a Chapter 7 discharge will usually happen approximately 6 months after filing, depending on the case.
3 to 5 years after filing: a Chapter 13 discharge will occur upon the completion of the repayment schedule, which may occur anywhere between 3 and 5 years of the filing date.

Contact Kane County bankruptcy attorney Joseph Doyle today!