It is easy to want the whole process to be over once you have made the decision to file bankruptcy. With so many opinions, how long does it take?
Each case is unique and each person’s time frame will vary. The following information will give you a rough idea of what to expect, from beginning to end.
What is the average length of Chapter 7 bankruptcy?
Chapter7 bankruptcy can take up to three months. However, it may take up to six months depending upon how you file. Creditors have no obligation to follow-up on a case with limited assets. Everything is done in four months. The entire process for asset-based filing may take longer, as there are more things to do.
What is the average length of Chapter 13 bankruptcy?
Chapter 13 bankruptcy lasts on average 3-5 years. This is because each person must complete a repayment plan before your debt can be discharged. The sooner you are able to pay off your debt, the sooner you can declare bankruptcy.
What is the Average Time It Takes to File for Emergency Bankruptcy?
It is exactly what you think it is: an option for those who need an immediate stay and want to file emergency bankruptcy. Although not everyone can file, those who are interested must complete the required documents within 14 days. Otherwise, your case could be dismissed. This is faster than Chapter 7 and Chapter 13 and can be beneficial if you require an immediate stay.
Summarized from an article by Kostopoulos Bankruptcy Law.
