How Long Does the Bankruptcy Process Take?

If you are considering filing for bankruptcy, you may be wondering how the long bankruptcy process will take. The length of the bankruptcy process will depend on whether you have decided to file Chapter 7 bankruptcy or Chapter 13 bankruptcy.

The Chapter 7 bankruptcy process generally takes about four to six months. The process begins when you file a petition with the bankruptcy court. You then need to appear in court and attend a meeting with the bankruptcy trustee. Unless there is a problem or issue that arises, your debt should be discharged a few months later.

Filing for Chapter 13 bankruptcy is a longer process. The Chapter 13 bankruptcy process generally takes about 36 to 60 months. Under Chapter 13 bankruptcy your debts will be consolidated into one lump sum, which you are responsible for paying off over the course of three to five years. After filing for Chapter 13, you will have to attend a credit counseling session and then wait for the credit agency to provide you with a repayment plan. Next, you will schedule a meeting with a bankruptcy trustee that usually takes place about three months after you have filed your petition with the court. After your payment plan has been approved, you will have anywhere from three to five years to pay off your debt.

Working with an experienced bankruptcy lawyer may help speed up the process.  Not only can your attorney help you fill out the appropriate paperwork, but he or she can also help you resolve any issues, problems or disputes that may halt the bankruptcy process.

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