How long does the bankruptcy process take?
Once a Chapter 7 bankruptcy is filed, it generally takes three months to complete. However, you are protected from your creditors on the day the bankruptcy is filed — they may not repossess your car, foreclose your house, garnish your accounts or take any other collection activity. If all of your assets are exempt, and no one objects, you will receive your discharge from the debts about 60 days after the meeting of creditors. Timelines for Chapter 13 are different. Chapter 13 cases run between three to five years, depending on the circumstances. What is the fee to file bankruptcy? The fee to file a Chapter 7 bankruptcy is currently $299. However, you have the option to pay this fee in three installments over an 84 day period, and you do not need to pay any fee at the time you file the bankruptcy. If your income is low enough, you may be eligible for a full waiver of the filing fee. What will happen to my credit rating? A Chapter 7 bankruptcy case will be reported by credit reporting ag
The time it takes for one to file bankruptcy and have one’s debts discharged varies greatly. It depends upon what type of bankruptcy one intends to file, and also how quickly one can gather together information about income, and all one’s debts. Most private individuals file either Chapter 7 or Chapter 13 bankruptcy. The type of filing greatly changes the bankruptcy process. Chapter 7 bankruptcy is the most frequent proceeding, and is usually filed when one doesn’t have a large number of assets one wishes to protect. Generally, one uses a lawyer who specializes in bankruptcy to help file all the papers required. The greatest time consumption factor when one is preparing to file Chapter 7 bankruptcy is gathering all the required information for the form. If a person owes money to numerous creditors, and these creditors have sold their accounts to collection agencies, it may be challenging to figure out exactly to whom one owes money. Usually, one must also provide statements about incom
