How Long Does Bankruptcy Take?

The information provided is for general informational purposes only and does not constitute legal advice.  Every legal situation is unique, and you should consult an experienced attorney for advice tailored to your specific circumstances. For personalized assistance, contact our office directly.

When considering bankruptcy, many people are concerned about how long the process will take. Understanding the timeline can help you feel more confident and prepared for what lies ahead. As a bankruptcy attorney in Sebring, Florida, I’ll break down the general timeline for both Chapter 7 and Chapter 13 bankruptcies.

Chapter 7 Bankruptcy Timeline

Chapter 7 bankruptcy is often the quickest route to debt relief. Here’s the typical timeline:

• Pre-Filing: Before filing, we’ll work together to review your financial situation, determine if you qualify for Chapter 7, and complete all necessary paperwork. This can take anywhere from a few days to a couple of weeks, depending on how quickly you gather your documents.

• Filing: Once your petition is filed with the court, the automatic stay takes effect immediately, stopping creditor actions like wage garnishments and collection calls.

• Meeting of Creditors: About 30 days after filing, you’ll attend a meeting with the bankruptcy trustee. This meeting usually takes 10-15 minutes.

• Discharge: In most cases, you’ll receive a discharge of your debts approximately 3-4 months after filing.

Chapter 13 Bankruptcy Timeline

Chapter 13 takes longer due to the repayment plan, but it offers a way to catch up on missed payments and keep your assets. Here’s the typical timeline:

• Pre-Filing: As with Chapter 7, we’ll work together to review your financial situation and create a repayment plan.

• Filing: Once your petition is filed, the automatic stay takes effect, and we’ll submit your repayment plan to the court for approval.

• Repayment Plan: You’ll make monthly payments to the trustee for 3 to 5 years.

• Discharge: After completing the repayment plan, you’ll receive a discharge of remaining eligible debts.

Why the Timeline Matters

The length of time it takes to complete bankruptcy depends on your specific case and the type of bankruptcy you file. However, both options provide a fresh start by eliminating or restructuring your debt.

Let’s Get You Started on Your Journey to Financial Freedom

Whether you need a quick discharge of debt through Chapter 7 or a longer-term solution through Chapter 13, I’m here to help. Together, we’ll develop a plan that fits your needs and timeline.

Call Today to Take the First Step

If you’re ready to take control of your finances and start the bankruptcy process, call my office at [insert phone number] for a free consultation. I’ll help you navigate the process and ensure a smooth path toward financial freedom.