If you are thinking about filing bankruptcy, you may be wondering “how long does a Chapter 7 bankruptcy and Chapter 13 bankruptcy last?” Both types of bankruptcy can help you if you are in debt. If you want to file bankruptcy, but want to know how long the bankruptcy process takes, you have come to the right place. Below we will talk about each chapter of bankruptcy and how long each takes.
How Long Does a Chapter 7 Bankruptcy Last?
A chapter 7 bankruptcy, is the quickest bankruptcy there is. A Chapter 7 bankruptcy typically takes anywhere from 4-5 months assuming your bankruptcy case has no issues. In a Chapter 7 bankruptcy, your debts are eliminated. This means that your creditors won’t be paid back. Many individuals who file Chapter 7 bankruptcy have minimal assets, and want to get a fresh start by wiping away their unsecured debt.
In a Chapter 7 bankruptcy, you and your bankruptcy lawyer will file a bankruptcy petition with the Court. Once your bankruptcy petition is filed with the Court you will get a court date telling you the date and time of your hearing. This hearing is called a 341 meeting or a meeting of creditors. Typically, it takes about 4-6 weeks from the date of filing to go to Court for your 341 meeting.
When you go to Court you will be questioned by a bankruptcy Trustee.The bankruptcy Trustee represents your creditors. Your bankruptcy lawyer will be able to prepare you for this hearing. If everything goes well at this hearing, and the Trustee closes the meeting, you will get your dischrge in the mail 3 months from your 341 meeting.
If your Trustee requests more information or a creditor objects to your discharge, this can hold your case up. A bankruptcy lawyer will be able to help you to ensure that the right documents are sent to the Trustee before your hearing to ensure your bankruptcy case is handled correctly. A bankruptcy lawyer can help ensure that your case is closed as quickly as possible.
How Long Does a Chapter 13 Bankruptcy Last?
A Chapter 13 bankruptcy, lasts anywhere from 3-5 years. In a Chapter 13 bankruptcy, the process is longer because you are paying back your debts in a repayment plan. Once your case is filed you will get a Court date to attend a 341 meeting in the mail 3-6 weeks from when your case was filed. At this court date you will meet with a bankruptcy trustee who will be administering your case. If your bankruptcy meeting is closed and you don’t have to attend another 341 meeting then you will have a confirmation hearing within the next few weeks.
A confirmation hearing in a Chapter 13 bankruptcy, is where you go before the judge and ask the judge to confirm your chapter 13 repayment plan. Many times, individuals have to ammend their Chapter 13 plan depending on which creditors put in claims. A Chapter 13 bankruptcy lawyer can help to ensure that your plan is confirmed.
If you want to learn more about the Chapter 7 bankruptcy process or the Chapter 13 bankruptcy process, you can contact Karra L. Kingston Esq. Karra has helped many individuals who are in debt use the bankruptcy process to help get out of debt. Bankruptcy can help you stop a wage garnishment, bank levy, or lawsuit by a creditor. Bankruptcy allows you to start over and take back control of your finances. Our bankruptcy lawyers would love to speak with you. You can reach us at 973-979-9078 or email us at Karra@klkbankruptcylawyer.com.