Consumer Bankruptcy—How It Works

Basic Concepts & Features

Petition for Relief & the Automatic Stay

Schedules and Statements

Types of claims in bankruptcy

Meeting of Creditors

Discharge

Types of Bankruptcy

Chapter 7: Liquidation

Chapter 13: Individual Reorganization

Chapter 12: Reorganization for Family Farmers and Fishermen

Other Chapters (9, 11, 15)

Typical Timeline

Chapter 7

Chapter 13

Phase I: Pre-Filing

Phase 2: Filing the petition; Meeting of Creditors; commencement of plan

Phase 3: Confirmation of Plan

Phase 4: Claims Allowance

Phase 5: Executing the plan and keeping everything on track--30 to 54 Months

Phase 6: Completing the Plan and Obtaining Discharge