Before Filing

• Before filing, you must create a list of assets and liabilities and their respective values, your income and expenditures, a list of executory contracts and unexpired leases and a statement of your financial affairs. You must also complete a credit counseling program and obtain a certificate of completion. Completing all of this can take months and must be done before you even file your paperwork and start the clock ticking with the court system.
  
  

Filing

• In the eyes of the court, your bankruptcy case begins with the filing of your paperwork and payment of your fees. The fees for filing under Chapter 13 as of 2010 are $235 for case filing and $39 for an administrative fee. The fees for filing under Chapter 7 are $245 for case filing, $39 for an administrative fee and a $15 trustee surcharge. At that point, a trustee is appointed to administer your case. The filing of your paperwork also puts a halt to most collection actions such as foreclosure.
  
  

Timeline

• Within 20 to 60 days after filing, you will have a meeting with your creditors. The actual date depends on the type of bankruptcy you're filing for, schedules of the involved parties and whether you are meeting at a place that doesn't have regular bankruptcy administrator staffing and trustees. Though you are not required to appear in court, you are required to be at this meeting with your creditors and answer their questions under oath. Your trustee will also attend and all parties will work to formulate a repayment plan acceptable to all. Following the meeting, you file a petition with the court for a hearing. The repayment plan under Chapter 13 must be submitted within 15 days after you file the petition. The confirmation hearing must be held within 45 days after the creditors meeting. The total length of time from filing to hearing can be a month to 3 1/2 months.
  
  

Chapter 7

• Getting to court after you file for Chapter 7 bankruptcy is generally quicker. The creditors' meeting is still held within 20 to 60 days after filing for bankruptcy. Once this meeting is complete, however, the trustee will appear in bankruptcy. He will report on whether your filing is an abuse or not under the means test that is required with a Chapter 7 bankruptcy filing. This means that the Chapter 7 bankruptcy process runs 30 days to 70 days before a hearing is held.