How Long Does Bankruptcy Take

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How Long Does Bankruptcy Take?

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Answer:

When people consider filing bankruptcy, one of the first things that they want to know is how long does bankruptcy take or how long does bankruptcy last? The answer depends of which type of bankruptcy you file - Chapter 7 or Chapter 13.

How Long Does Chapter 7 Bankruptcy Take

A typical Chapter 7 bankruptcy that is deemed to be a “no asset” case (a case where you do not have any property that the trustee can sell) will last 4 to 6 months. This time amount includes the required credit counseling, filing the bankruptcy petition, having a 341 meeting of the creditors, and allowing time for administration of the bankruptcy.

A Chapter 7 bankruptcy where there are assets to be sold may take longer. There is still the required credit counseling, filing the bankruptcy petition, having a 341 meeting of the creditors, and allowing time for administration of the bankruptcy, but more time will be needed. The bankruptcy trustee has to take possession of the property to be sold or has to recover property that can be sold, sell the property, disburse the net proceeds to creditors, and then account for the sale and disbursement.

How Long Does Chapter 13 Bankruptcy Take

A typical Chapter 13 bankruptcy will last 3 to 5 years. This period of time includes the required credit counseling, filing the bankruptcy petition, having a 341 meeting of the creditors, having a Court hearing on confirming your Chapter 13 plan, your making monthly payments to the bankruptcy trustee, and allowing time for administration of the bankruptcy. Payments to the trustee will run between 3 and 5 years. Of course, if you fail to make the monthly payments or stop making the monthly payments to the trustee, then the Chapter 13 bankruptcy will dismissed and not last the 3 to 5 years.


This is general information only. If you have any questions whatsoever, talk with a lawyer licensed in your state who has experience with Chapter 7 bankruptcy, Chapter 13 bankruptcy, or bankruptcy in general.

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