How long does bankruptcy take?

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.