How Fast Does Bankruptcy Work?

Once you’ve made the decision to file for bankruptcy, it is common to just want to get the entire process over with. But with so many varying opinions, is there any way to know how long it actually takes? There’s no doubt that every case is different and the timeframes vary from person to person. Regardless, the following information can at least give you the barebones of what to expect from start to finish.

How Long Does Chapter 7 Bankruptcy Take?

Chapter 7 bankruptcy can take as little as three months, but may last up to six months depending on the way that you file. In a limited asset case, creditors have nothing to follow up on and everything is said and done in roughly four months. For asset-based filing, the entire process may take longer because there is more to process.

How Long Does Chapter 13 Bankruptcy Take?

Chapter 13 bankruptcy on average lasts 3-5 years. This is due to the repayment plan each individual is required to complete before your debt is discharged. However, the quicker you’re able to repay your debt, the faster you can say goodbye to bankruptcy.

How Long Will an Emergency Bankruptcy Take?

Emergency bankruptcy is exactly what it sounds like: an option for people who want an automatic stay with haste. Not everyone can file, but for those who are interested, the necessary documents must be filled out within 14 days or your case may be dismissed. It’s much quicker than either Chapter 7 or Chapter 13 and is beneficial if you need an automatic stay immediately.

Talk to an Experienced Attorney

No matter what chapter you’re hoping to file for, Kostopoulos Bankruptcy Law wants to meet your needs along the way. Get in touch with our Oakland bankruptcy attorney for representation you can count on!