Maryland, md, bankruptcy, timeline, procedure

BANKRUPTCY PROCEDURE & TIMELINE

A. COMMENCEMENT OF CASE

Bankruptcy commenced by filing a petition (single or joint) with the Bankruptcy Court requesting protection from creditors under Chapter 7 or Chapter 13
Filing fees must accompany the petition
If you are a corporate entity then a CERTIFIED COPY of the corporate resolution authorizing the filing must accompany the petition.
List of Creditors must be filed and Statement of Social Security Number
- The petition must also be accompanied by a list of the names and addresses of all creditors. This is called the Mailing List or Matrix.
- The petition must also be accompanied by a verified statement that sets out debtor's social security number.
Automatic Stay under 11 USC §362 in effect upon filing
If you are filing a Chapter 13 then the Chapter 13 Plan must be filed.

B. FILINGS SUBSEQUENT TO COMMENCEMENT

Schedules: There are several schedules which must be filed with a Chapter 7 and a Chapter 13 (schedules of assets and liabilities, current income and expenses, executory contracts and unexpired leases, and a statement of financial affairs. If these schedules were not filed upon commencement of the case, then they must be filed within 15 days after commencement. A debtor is better served to have these schedule filed with the petition unless there is a valid emergency.
Chapter 13 Plan-- if it wasn't filed with the Petition, then the Chapter 13 Plan must be filed within 15 days of commencement.

C. 30 DAYS---

D. 7 DAYS BEFORE MEETING OF CREDITORS

Tax returns must be submitted to to the trustee and to any creditors who have timely submitted a request for the returns.

E. MEETING OF CREDITORS (§ 341 Meeting)

The § 341 Meeting usually transpires about 5 -6 weeks after the Bankruptcy is filed. You will receive a Notice of Commencement of Case which will give you notice of the date, time and place. NOTE THAT IF YOU DO NOT ATTEND THE MEETING THEN YOUR CASE CAN BE DISMISSED.

F. 30 DAYS AFTER § 341 Meeting

The Trustee, a creditor or any party of interest has 30 days from the § 341 Meeting to object to DEBTOR'S CLAIM OF EXEMPT PROPERTY
Debtor has, pursuant to 11 USC § 521(a)(2)(b) 30 days from § 341 meeting to perform under the Statement of Intention regarding Secured Debt

G. 60 DAYS AFTER § 341 Meeting

Objections to discharge by creditors must be filed by this time. Creditors under 11 USC § 523(c) can file an object to a discharge of debts, such as:
- Debts that were obtained by misrepresentations, false pretenses, fraud while acting in a fiduciary capacity, embezzlement or larceny, and willful and malicious injuries.
- Consumer Debts that are owed to a single creditor and are aggregating more than $550.00 for luxury goods or services that were incurred by an individual debtor on or within 90 days before a Chapter 7 bankruptcy filing. (This type of debt is presumed to be non-dischargeable under Chapter
OBJECTION TO DISCHARGE OF ALL DEBT UNDER § 727(a)
- § 727(a) spells out numerous reasons that the Court shall deny a discharge including: destruction or concealment of property, transfer of property, falsification or failure to keep financial records, making false statements, withholding information, failing to explain losses, failure to respond to material questions, and having received a discharge in a prior case within the last 8 years.
SUBSTANTIAL ABUSE DISMISSAL: U.S. TRUSTEE or Court may move to dismiss a case in which debts are primarily consumer debts if the Court finds that the granting of relief would be a substantial abuse of the provisions of Chapter 7. (FRBP 1017(e) ) See MEANS TEST.

H. CHAPTER 7 DISCHARGE

After more than 60 days have elapsed from the date of the § 341 Meeting, the Bankruptcy Rules require that a discharge be entered "forthwith." Particularly, if there haven't been any objections, motions or other reasons under FRBP 4004 that could extend the period.

I. 90 DAYS AFTER § 341

NON-GOVERNMENTAL CREDITORS have 90 days from the date of the § 341 Meeting to file their Proof of Claims in order to receive payments from the Bankruptcy estate.

J. 120 DAYS AFTER BANKRUPTCY FILED

Final payment of filing fees for Chapter 7 or Chapter 13 if Court allowed installment payments.

K. 180 DAYS AFTER BANKRUPTCY FILED

GOVERNMENTAL UNITS have 180 days from Bankruptcy filing to file their Proof of Claims.

L. CHAPTER 13 DISCHARGE

LENGTH OF PAYMENTS UNDER CHAPTER 13 PLAN = 3 TO 5 YEARS
All payments must continue for length of plan or case may be dismissed. Case may be converted to Chapter 7.
DISCHARGE ENTERED UPON COMPLETION OF ALL PLAN PAYMENTS .