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Chapter 7 Bankruptcy Filing in Rhode Island: How Long Will It Take?

by Mark Buckley

Chapter 7 Bankruptcy filings take how long to complete in Rhode Island?

Let’s pretend you filed a Rhode Island Chapter 7 bankruptcy case today. If you did, your case would come to an end in about 90 days. What happens during that time?

Let’s examine a typical Chapter 7 filing in RI:

  1. You complete your first education course on-line, or over the phone. It takes about 60 minutes and is easy.
  2. Your bankruptcy lawyer obtains a bankruptcy-specific version of your credit report.
  3. Your 50 page bankruptcy petition is filed electronically with the RI Bankruptcy Court in Providence.
  4. A Chapter 7 trustee (another lawyer) is assigned to review your petition.
  5. Your attorney sends your tax returns and pays advice information to the court/ trustee.
  6. The Bankruptcy Court Noticing Center contacts each creditor listed in your petition.
  7. You complete your second debtor education course which takes 2-3 hours.  Also very easy.
  8. Once your course is completed, your attorney files a certificate of completion with the court.
  9. A 341 meeting of creditors is scheduled 30-35 days into the process.  Hearings take place in Providence.
  10. You attend the meeting of creditors to answer common questions from the assigned trustee.
  11. If your property is exempt (protected), the trustee files paperwork with the court saying you have been examined and there is no property to distribute to creditors.
  12. If you have assets that are unprotected, the trustee will collect the property for later distribution to creditors.
  13. Around day 90, your dischargeable debts are wiped out and your case is over (if no creditor has contested your case.)

It’s easier to understand the Chapter 7 bankruptcy timeline if you divide it in thirds. If you filed your case today, you would have to attend a creditors meeting in 30 days.  Then, if no creditor contests your case and your trustee doesn’t need to distribute any assets, your case is over 60 days after the hearing.

I realize it is stressful to think about filing for bankruptcy.  If handled correctly, however, there is nothing to worry about.  I have represented more than 3,000 clients over the past 21 years.  If you can answer my questions honestly and completely before the bankruptcy petition is filed, you will be amazed how fast and straightforward bankruptcy can be.  I have never filed a bankruptcy petition that was not approved by the court.

A 341 meeting of creditors typically lasts 5 minutes or less.  It is not a court room.  There is no judge, jury, or really anything you would associate with “court”.  Honest debtors are literally out the door in a matter of minutes.

Filed Under: Blog Tagged With: Bankruptcy, bankruptcy courts, bankruptcy lawyers, bankruptcy petition, business, credit report, file bankruptcy, filing, honestly, how long, insolvency law, law, rhode, Rhode Island, Rhode Island Chapter 7, RI bankruptcy, title 11, trustee, united states bankruptcy law, united states code

How Fast Can You File My RI Bankruptcy?

by Mark Buckley

It takes about 90 days to get through a Chapter 7 bankruptcy in Rhode Island.  After I file your case, the RI Bankruptcy Court assigns a case trustee to review the file.

The court then schedules a hearing date for the meeting of creditors (also called a 341 meeting).  Your hearing will be about 30 days into the process and take place in Providence.

Your hearing will NOT be in a courtroom.

At the 341 meeting of creditors, the assigned trustee will review your 50 page bankruptcy petition.  He will ask questions to make sure your petition is complete and truthful.

Because 6 hearings are scheduled every 30 minutes, your hearing should move along quickly.  No need to worry.  We will review any potential issues prior to your hearing so you’ll feel comfortable and prepared.  When your hearing ends, we wait about 60 days before the dischargeable debts are wiped out.

But what happens before we file your case?  Does it take a long time to prepare?  This largely depends on you.  Because every case is unique, there may be several good reasons to not file your case immediately.  Here are just a few:

  1. It takes time to gather records: tax returns for past 2 years, pay records over prior 6 months, recent account statements/ bank records.
  2. Legal issues:  time may be needed to research special circumstances.
  3. Recent Purchases:  time is needed to let cards “cool down” after big purchases or cash advances.
  4. Unusual income:  If you have a spike in income, the mean’s test may require us to wait for your average monthly income to lower.
  5. Bankruptcy costs:  The court requires these costs to be paid in full before I am permitted to file your case.

It is possible to file a case in as little as 24 hours, but it is not typical or recommend-ed.   A lot of work must be done in order to complete a quality 50 page bankruptcy petition and I never want to file a case that has not been triple-checked.  I want your case to be bullet-proof.

My goal is to get it right the first time and not be rescheduled for a second hearing.  This has been my experience in filing almost 3,000 cases in Rhode Island.

If bankruptcy is something you would like to learn more about, give me a call.  I will take the time to explain all of your options and help you each step of the way.

Filed Under: Rhode Island, Rhode Island Bankruptcy Articles, Rhode Island Chapter 7 Tagged With: 341 meeting, credit card, Mark Buckley, Rhode Island bankruptcy, Rhode Island Bankruptcy lawyer, Rhode Island Chapter 7, RI Bankruptcy Court, trustee

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