How long does bankruptcy take?
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How long does bankruptcy take?
Asked on May 31, 2015 under Bankruptcy Law, California
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
Assuming that you are filing as an individual, you can file either a Chapter 7 or a Chapter 13; which one that you qualify for depends on your "means" (i.e. your income and assets). A Chapter 7 takes the shortest amount of time to complete; as a general rule it can be finalized in 4-6 months. A Chapter 13 takes much longer to complete. When you file for a Chapter 13, you agree to repay your outstanding debts over a period of either 3 or 5 years. The length of your repayment plan is based on your income; the higher it is the more you have to pay to your creditors. Therefore, this means the repayment period will last longer; you can't receive a discharge until all of the payments have been made.
At this point, you should consult directly with a bankruptcy attorney in your area.
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