This is one of the biggest questions that those filing bankruptcy are concerned with. It depends on your unique circumstances, but to give a rough guideline:
Chapter 7 — In the vast majority of cases, the Chapter 7 process lasts three to four months. After partnering with an attorney who will file with bankruptcy court, a trustee will liquidate nonexempt assets and impose the automatic stay. Most of our clients have no non-exempt assets for a trustee to liquidate. After addressing all assets and going through the process, you will receive a discharge and get a new lease on financial life.
Chapter 13 — Chapter 13 is a far more complex process and as such, it takes considerably longer. Said and done, a Chapter 13 filing typically lasts three to five years before it is actually complete. Because the process involves a long-term payback period, the entire process is stretched out over that time. Chapter 13 can offer do "wonders" which are not available in Chapter 7.
More important than the length is understanding which process is more correct for you in the long term. While using bankruptcy's strength to get back on the road to financial freedom is viable, it must be pursued with your unique interests in mind. If you or someone close is considering bankruptcy, we encourage you to get in touch so that we can help you work toward an ideal outcome for your circumstances.
To schedule a free initial consultation to discuss bankruptcy timelines with our Monmouth County bankruptcy lawyer, call toll free: 866-974-1136 or fill out our contact form. Hablamos español.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.