How Long Does Bankruptcy Chapter 7 Last
How Long Does It Take For Chapter 7 To Be Discharged
Your Chapter 7 bankruptcy case is likely to last between four and five months. The length of your case can extend beyond 5 years depending on the issues that arise. You need to consult an experienced bankruptcy lawyer to ensure that your case does not take too long to complete.
How Chapter 7 Bankruptcy Works
How Long Does It Take A Lawyer To File Chapter 7
When you file for Chapter 7 bankruptcy, most of your debts can be discharged or eliminated. The debts that can be discharged include credit card debt, medical bills, and personal loans. This will give you an opportunity to have a fresh start.
But you must turn over any nonexempt property or property that the exemption laws cannot protect. The bankruptcy trustee assigned to your case will sell all the property you turn over and distribute the proceeds to your creditors. If all goes well, your bankruptcy case’s timeline can be as brief as three months, but in most cases, it takes four to five months.
What Is The Timeline For Chapter 7 Bankruptcy
How Long Does Bankruptcy Process Take
Your bankruptcy case begins the day you file for bankruptcy and ends when the bankruptcy court closes your case. After you file, you must attend a meeting with the creditors and the trustee assigned to your case. The meeting only takes a few minutes
If your assets are exempt, the trustee will have to file a “No Asset” report. Then you will need to attend a Financial Management Course after which your debts will be discharged. Finally, the bankruptcy court will close your case.
Filing For Chapter 7 Bankruptcy
How Long Does Bankruptcy Take To Complete
You have to file your bankruptcy petition with the bankruptcy court. After you file, the court assigns a case number to your case and imposes an automatic stay. An automatic stay is an injunction that stops all collection efforts of your creditors such as lawsuits, aggressive calls, wage garnishment, and so on.
What Is The Meeting Of Creditors?
Chapter 7 Bankruptcy Discharge Timeline
The meeting of creditors is also called a 341 meeting and is held four to six weeks after you file your bankruptcy petition. Creditors and debtors have to attend the meeting. The trustee conducts the meeting.
The purpose of the meeting is to question the debtor about their conduct, liabilities, financial condition, and other matters.
What Is A No Asset Report?
Once You File Bankruptcy How Long Does It Take
The trustee has to review your case to find any assets or property that can be sold. These are called nonexempt assets. It’s rare for filers to lose their property under Chapter 7 bankruptcy. If the trustee concludes that you have no assets the trustee needs to administer, the trustee will file a “no asset” report. The report signals to the court that there are no issues in your case.
Do You Have To Take A Financial Management Course
Objections To Discharge Chapter 7
You must take the financial management course 45 days after the 341 meetings. After completing the course you need to file your certificate of completion with the bankruptcy case.
Discharge and Closing
Chapter 7 Discharge Time Frame
The court may discharge your case within 60 days after the first date you attended the 341 meeting. The court may close the case at the same time it discharges your debts or after the discharge.
