What Is The Time It Takes To Complete?

You should know how long you have before you can get in the clear 

Consumers who file bankruptcy want it to be completed quickly. The sooner you file bankruptcy, the quicker you can start rebuilding and move forward with a new start.

Unfortunately, filing for bankruptcy doesn’t mean that your problems are solved in a matter of minutes. It’s likely to take time, even with Chapter 7 bankruptcy. This is the fastest type of personal filing.

This answer can help you determine how long you have to go. However, if you need to file or have any questions, you should speak to a professional. This will allow them to give you estimates based on your specific situation so that you know the timeline. To get started, call us or fill out the form.

The timeline for Chapter 7

A Chapter 7 bankruptcy is the person filing type that is most commonly filed first is Chapter 7. However, it can be a faster way to get a fresh start. The process of filing Chapter 7 bankruptcy petitions can take up to four months or one year. 

The exact time it takes depends on how many assets you need to liquidate and the details of your case.

Fail: About 2/3rd of all filings in the third quarter of 2014 were Chapter 7.

If you have only a tiny amount of assets to liquidate and all other filings go smoothly, you may be done in a matter of months. If there are complications or problems with asset liquidation, however, your filing could take longer. Most Chapter 7 filings are completed in six months. However, some may take as long as one year.

Remember that the Chapter 7 bankruptcy filings, once completed and all outstanding balances have been discharged, create a negative item on your credit report that will remain there for ten years.

The timeline for Chapter 13

By contrast, A Chapter 13 filing is the most extended personal filing type. The court sets up a monthly repayment plan for your creditors to ensure that they can recover at least some of their money before you are discharged. The process can take between three and five years to complete.

Once the court has established your payment schedule, it’s a good thing that you will have a closing date. When you are finally free and clear, you can look forward to the last payment. After the Chapter 13 negative item is paid off, it will remain on your credit report for seven years.

Remember that both types of filing can be used to file for the same purpose of credit damage. You can overcome the penalty before it is lifted. You could reach a point where you can overcome the disadvantage. You can even get a mortgage within 1-2 years after the filing of your file.


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