How Long Does It Take to File for Bankruptcy From Beginning to End?
While all bankruptcy petitions may be different, the timeline for the bankruptcy process is fairly standard. If there are no objections or irregularities in your case, you may be through your Chapter 7 bankruptcy in as little as three months. A Chapter 13 bankruptcy can last up to five years, as you must make payments to your creditors for a court-ordered time period.
Other People Are Reading
-
Pre-Filing Preparation
-
One of the biggest variables in the bankruptcy timeline is how long it takes you to complete the petition. A federal bankruptcy petition can easily exceed 60 pages in length, and gathering the necessary financial documents to complete the petition can take days or weeks.
Meeting of Creditors
-
To receive a discharge, you must appear before the bankruptcy court at least once at the Section 341 meeting. Also called the meeting of creditors, the 341 is usually scheduled between 20 and 40 days after you file your petition. If you do not attend your 341 meeting, your case may either be dismissed or rescheduled for a future date, extending the duration of your bankruptcy.
-
Time for Objections
-
After your meeting of creditors, both your bankruptcy trustee and your creditors have the opportunity to object to various aspects of your petition. Objections extend your case and delay the process of getting your bankruptcy discharge. The time allowed for objections to a bankruptcy petition is 60 days from the meeting of creditors.
Discharge
-
If there are no objections in your Chapter 7 bankruptcy, you are entitled to a discharge from the court 60 days after your meeting of creditors. In a Chapter 13 bankruptcy, your discharge is delayed until you make the final payment of your plan.
Credit Report
-
Once your bankruptcy case is closed, the effects of your bankruptcy will follow you on your credit report for up to 10 years. According to Experian, negative accounts such as late payments and charge-offs will stay on your report for seven years, as will a Chapter 13 bankruptcy. If you file a Chapter 7 bankruptcy, your credit reports will reflect this for a full 10 years.
-
