Chapter 7

Chapter 13

1. Petition filed.

1. Petition filed.

2. Aggressive creditors notified immediately.

2. Aggressive creditors notified immediately.

3. Court sends notice to creditor, lawyer and all creditors.

3. Court sends notice to creditor, lawyer and all creditors.

4. You send copies of your most recent federal income tax returns (or transcripts) to the trustee and to any creditor who request a copy at least seven days before the 341 meeting.

4. Plan must be filed with the first payment in thirty days.

5. 341 meeting

5. You send copies of your most recent federal income tax returns (or transcripts) to the trustee and to any creditor who request a copy at least seven days before the 341 meeting. You also must have filed with the taxing authorities all federal, state and local tax returns that were due in the last four years. You can get an extension of up to 120 days.

6. Withing ten days of the 341, trustee decides whether you passed the means test.

 6. 341 meeting.

7. Deal with secured creditors.

7. Thirty days after the 341 meeting is the last day to object to exemptions.

8. Complete financial management course.

8. Within sixty days after the petition date, provide proof of insurance to holders of purchase money security interest or lessors of personal property.

9. Thirty days after the 341 meeting is the last day to object to exemptions.

9. Confirmation hearing.

10. Sixty days after the 341 meeting is the deadline for claiming some debts not discharged, and discharge should be denied or the case dismissed due to flunking the means test.

10. Valuation hearing.

11. Discharge hearing.

11. 120 days after the 341 meeting is the last day for proof of claim to be filed on behalf of a creditor you want paid. The government has 180 days.

12. Discharge is usually entered about sixty days after the 341 meeting.

12. If any creditor of the trustee requests, you must file with the bankruptcy court all federal tax returns which come due or are filed while your bankruptcy case is opened.

13. 120 days after the 341 meeting is the last day for proof of claim to be filed on behalf of a creditor you want paid. The government has 180 days.]

13. You file annual reports of income and expense.

14. If any creditor or the trustee so request, you must file with the bankruptcy court all federal income tax returns that come due or are filed while your bankruptcy case is open.

14. Complete course on financial management.

15. Complete course on financial management.

15. Completion of pay payments.

16. Closing of the no-asset case.

16. Discharge hearing that eliminates remaining balances.

17. In asset cases, trustee liquidates property, distributes proceeds to creditors, files reports and closes the case.