How Long it Will Take to File Bankruptcy?

If you have found yourself in debt to the point where it’s disrupting your life, Chapter 7 bankruptcy might be the only option available to you. It allows you to make a fresh start with your finances and stops creditors and collection agencies from harassing you. One concern you might have is how long it takes to file.

Generally speaking, Chapter 7 bankruptcy takes, on average, around four to six months. This is an option that allows you to wipe out all your qualifying debt. Unlike with Chapter 13 bankruptcy, you are not required to have a repayment plan to pay back your debt. You need to first take the means test to determine whether you are a good candidate for this type of bankruptcy.

Fortunately, you also get to keep your property, including your home. In most cases, Chapter 7 bankruptcy is straightforward and stress-free. Within four to six months of filing, you can expect your bankruptcy to progress through the court system. There are certain things you must do within that time frame, including the following:

• File all necessary paperwork
• Attend the 341 meeting of creditors hearing
• Provide any additional information
• File financial management course certificate
• Receive your discharge of debt

In rare cases, it might take longer for bankruptcy to complete. There might be a short, moderate to long or long delay that can cause your case to close in as long as six months to one year. In addition, there may be other situations that can lead to a longer duration. They include the following:

• The trustee in your case needs more information
• The creditor has questions they need answered
• The trustee is selling your property
• A motion or complaint requires a resolution
• You have a student loan you want to discharge
• You delay the required debt education course

If you are looking to file bankruptcy in New York, you need the Ursulova Law Offices on your side. The Brighton Beach NY bankruptcy attorneys will help you get started. Contact the Ursulova Law Offices immediately to discuss your case with Brighton Beach NY bankruptcy attorneys.