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How long does bankruptcy take?

10/7/2013

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A typical Chapter 7 requires no payments and is closed within 6 months, although if your case is an asset case it can remain open much longer to administrator assets to creditors who elect to file a claim.

A typical Chapter 13 usually requires monthly payments for 3-5 years, although many cases are converted to Chapter 7 or dismissed due to non-payment. The debtor also has the right to payoff a Chapter 13 plan in full early, in which creditors are paid 100% of any approved claims. A timeline to discharge for each Chapter is provided below.

 Chapter 7 timeline

  1. You must attend a creditor meeting roughly 30 days after filing.
  2. Typically 90-120 days after this meeting you receive your discharge in the mail.
  3. A typical Chapter 7 is closed within 6 months of the original file date.

*If non-exempt assets are available your case will remain open well past 6 months to administrator payments to your creditors.

Chapter 13 timeline

  1. You must attend a 341 creditor meeting roughly 30-45 days after filing.
  2. You mail monthly bankruptcy payments to the trustee each month for 3-5 years.
  3. After final payment cases are typically closed within a few months and you receive your discharge in the mail.

*If timely payments are not made your case may be dismissed without a discharge.
**Many exit Chapter 13 early upon 100% payout, conversion to Chapter 7, or hardship discharge.
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Contact us
  • Home
  • Firm Info
    • Contact Us >
      • Directions to Monroe office
    • Attorney Profiles >
      • Jason D. Witt
    • Fee Schedule
  • Family Law
    • Child Custody
    • Child Support
    • Divorce
    • Property Division
    • Alimony and Post-Separation Support
    • Separation Agreements
    • Domestic Violence Protective Order
  • Criminal Law
    • Traffic/DWI >
      • Traffic Tickets
      • Suspended or Revoked License
      • Driving While Impaired
    • Misdemeanors
    • Felonies
    • Expungements
  • Other Areas
    • Bankruptcy Law >
      • Personal Bankruptcy
      • Chapter 7 vs. 13
      • Bankruptcy Myths
      • NC Bankruptcy Exemptions
      • Bankruptcy Means Test
      • Bankruptcy Disclaimer
    • Debt Settlement
    • Foreclosure Defense
  • Blog