How Long Does the Bankruptcy Process Typically Take?

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If you are considering filing for bankruptcy, you may want to know how long this process is going to take you before you jump into it. Though every case is different, there is a general timeline that you can go off of. Follow along to find out how long the bankruptcy process typically takes and how a proficient Rockland County bankruptcy attorney at The Law Offices of Allen A. Kolber, Esq. can help you in expediting this.

Approximately how long will the Chapter 7 bankruptcy process take me?

First of all, the timeline of your bankruptcy proceedings will be heavily contingent on the type of bankruptcy you opt for. As far as Chapter 7 bankruptcy goes, it will be approximately four to six months from the time you initially file to the time you receive a final discharge. This is because you will go through mandatory steps that take time. They are as follows:

  • After filing your bankruptcy forms, you will have to submit additional information regarding your assets and debts (which may take a month or so in and of itself).
  • Within a month of your bankruptcy filing, you will have to attend a creditors’ meeting.
  • Within two months of the creditor’s meeting, you will have to complete a financial counseling course.
  • Within two months of the creditor’s meeting, you will have to wait for your discharge order from the bankruptcy court.
  • Within four to six months, you will have to wait for a trustee to gather and sell your nonexempt assets and use the proceeds to pay creditors.

What is the approximate timeline for a Chapter 13 bankruptcy?

Of note, the Chapter 13 bankruptcy process typically takes longer than that of a Chapter 7 bankruptcy. More specifically, it may take anywhere between three to four years. This is because this bankruptcy option includes a mandatory repayment plan. The mandatory steps that you will take are as follows:

  • After filing your petition for a Chapter 13 bankruptcy, you will have to submit additional information regarding your assets and debts (which may take one to five months in and of itself).
  • Within a month of your bankruptcy filing, you will have to attend a creditors’ meeting to compose your repayment plan.
  • Within a month of your bankruptcy filing, you will have to begin making monthly payments according to the terms of your repayment plan.
  • Within two months of the creditor’s meeting, you will have to complete a consumer debt management education course.
  • Within three to five years of your bankruptcy filing, you will have to complete the terms of your repayment plan.

With all that being said, we understand that you likely want to get your life back to normal as soon as possible. This is why we recommend that you consult with a talented Rockland County bankruptcy attorney at your earliest convenience. Schedule your free initial consultation with The Law Offices of Allen A. Kolber, Esq. today.