If you are someone who has recently filed for bankruptcy, or you are ready to begin the bankruptcy process, you are most likely wondering how long it will take, from start to finish. Unfortunately, though we understand that you simply wish to get back to life as you once knew it as soon as possible, the truth is, it is nearly impossible to guarantee how long your case, or any bankruptcy case, will take. That being said, we can provide you with a rough outline of the bankruptcy process, and we can also assure you that our experienced Rockland County bankruptcy attorney will work as efficiently as possible to expedite the process on your behalf. Please continue reading and speak with our firm to learn more about the bankruptcy process and how our firm can help you through it.
Is Chapter 7 bankruptcy longer than Chapter 11 or 13?
In many cases, the answer to this question is yes. The type of bankruptcy you file for will largely affect the length of the bankruptcy process For instance, if you file for Chapter 7 bankruptcy, you will generally have to wait around four months from the date of you filing the petition with the bankruptcy court clerk. Courts generally wait to discharge the debt until after the time fixed for filing a complaint objecting to discharge and the time fixed for filing a motion to dismiss the case has expired. This is generally about 60 days following the date of the 341 meeting.
That being said, if you are looking to file a Chapter 11 or a Chapter 13 bankruptcy, there is a very good chance that you may have to wait anywhere up to four years from the date of your filing. This is because these types of bankruptcy involve repayment plans that are generally made from 3-5 years. Once you satisfy the requirements of your repayment plan, however, the discharge will become official.
What happens after my debt is discharged?
Once your debt is discharged, you should understand that a Chapter 7 bankruptcy may stay on your credit report for up to 10 years, and, in many cases, you will lose your right to file for bankruptcy for another 6 years. The bottom line is that though bankruptcy can provide you with the financial relief you need relatively quickly, a bankruptcy case as a whole may take far longer than you may have thought. Our firm is here to help you through every step of the process. All you have to do is ask.
Contact our experienced New York firm
The Law Offices of Allen A. Kolber, Esq. effectively represents clients facing Bankruptcy in Rockland County and all of New York State. Our firm understands the stress one can feel when facing a difficult financial future. Our compassionate staff will work to ease your fears and help you make a new start. If you need quality legal support, contact The Law Offices of Allen A. Kolber, Esq.