How long does it take before a chapter 7 bankruptcy or a chapter 13 bankruptcy is finalized?
Answer If you file a chapter 7 bankruptcy the entire process will last 3 to 4 months. Once you file your bankruptcy petition your case is assigned to a bankruptcy trustee. The bankruptcy trustee will then schedule a 341 creditors meeting within 3 to 4 weeks. This meeting is attended by you, your attorney, the bankruptcy trustee and any creditor listed on your bankruptcy petition. This meeting normally last less than thirty minutes. After your 341 creditor meeting the Trustee then decides what non-exempt assets you have available. Once those assets are liquidated and distributed appropriately to your creditors the Trustee will report to the bankruptcy court and the court will then decide whether to issue a discharge (bankruptcy complete). If you file a chapter 13 bankruptcy the entire process will last 3 or 5 years depending on what repayment plan is entered into. For example, if you agree to repay your creditors $500.00 a month for 3 years then as long as you have made all payments ove
