How Soon Can You Expect Relief in a Bankruptcy Filing?

How Long Is the Bankruptcy Process?

Proceedings Not Affected by the Automatic StayWhen you’re struggling to make ends meet with little or no prospect of improving your situation,you want relief and you want it as soon as possible. The automatic stay that comes with a bankruptcy filing will immediately end harassing calls, letters, and legal action from creditors. But how long do the broader goals of bankruptcy take? When can you expect to have your debts discharged in Chapter 7? With Chapter 13, when will your reorganization plan be in place, so that you can move toward a more stable financial condition?

Every bankruptcy filing is different, and that has an impact on how long it takes to resolve all issues and move forward. There are, however, some general guidelines.

Chapter 7 Liquidation Proceedings

Unless you’re trying to discharge certain types of debt (such as student loans or tax obligations), a Chapter 7 bankruptcy is usually completed in four to six months. However, if you have significant property that must be sold, or assets without a ready market, the process can take longer. Furthermore, if you don’t prepare and file your paperwork accurately, or if the bankruptcy court has questions or concerns about potential fraud or failure to disclose income or assets, the completion can be delayed.

Chapter 13 Reorganization Plans

While your obligations under the repayment plan won’t be completed for three to five years, it typically takes approximately three months from the filing of a Chapter 13 petition to final approval of a reorganization plan.

Contact an Experienced Rockwall, TX Bankruptcy Attorney

At the Law Offices of Carrie Weir, all potential clients are entitled to a free initial consultation. I am currently communicating with clients by phone, text messaging or videoconferencing. To arrange an appointment, contact my office online or call 972-772-3083. I handle Texas personal bankruptcy filings in Rockwall County, Collin County, Dallas County, Hunt County and the surrounding counties.

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Call Rockwall bankruptcy lawyer Carrie Weir at 972-772-3083 or fill out the contact from below for a free, confidential consultation to discuss your options.

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