What to Do after Your Chapter 7 Filing is in Process

By and large, it's a waiting game after you initially file for bankruptcy. The chapter 7 process is the quickest route, but will still take four to five months to complete. Provided the petition is correct, has everything in order and is complete, there isn't a whole lot to be done while waiting for the 341 meeting then discharge.

Be Proactive or Idle?

The court notifies all of your creditors of the fact of your filing, meaning you don't have to notify them on your own. In the case that a creditor keeps on attempting to collect long after filing, you can send a cease and desist letter with the case number and a copy of the relevant schedule. If a creditor decides to contest your bankruptcy, they have to do so before discharge. This also gives you time to prepare for a rebuttal. You can also use the time to restructure or reaffirm loans for certain possessions you wish to keep post discharge.

If your petition falls under the no-asset chapter 7 process, there's not much to prepare for before the 341 meeting. The trustee that has been assigned to your case will verify the information that is in the petition beforehand, and will ask any questions at the official sit down.  It will be thirty to sixty days after the meeting before discharge. This is so creditors have time to object. It also gives the trustee time to finalize their investigation and sign off if they find that all provided information to be truthful.

After the 341 Meeting

This is when the clock starts winding down. Creditors only have so much time to get in their objections. Again, those who are in a no-asset situation will most likely not hear anything. The trustee will verify that there is nothing in your estate for liquidation. It makes filing against you a waste of time and money for anyone looking for a payback. Also, the trustee will most likely disallow any claims as their ruling on your status is final.

Talk to Your Lawyer

You should have hired a lawyer before filing. Don't take the step without one. If you're uncertain of what do while waiting, have a conversation with them. They'll inform you of what, if any, actions you need to take. Your lawyer can also work as a negotiator on your behalf with any loans you wish to reaffirm. Sometimes reaffirmation is not necessary, but let your legal assistance determine that decision. Lastly, let your lawyer do the work. The office will contact you if there is any news, keeping you informed at every step.