How long does a bankruptcy case last?

Well, the answer to that question is it depends on what type of bankrupty you filed. Let's take a chapter 7 filing which is the most common type of bankruptcy. From start to completion, a bankruptcy case usually is about four to six months. You commence a bankruptcy case when you file your petition and schedules. After you file a chapter 7 petition, a chapter 7 trustee will be appointed to administer or oversee your case. The next step in the process, provided that you filed all of the required schedules and statements, is the section 341 meeting of creditors. This is a meeting conducted by the chapter 7 trustee where you will answer questions about the information contained in your petition. You will be answering questions posed by the trustee under the oath. While it is called a meeting of creditors and creditors may attend this meeting, the reality is creditors typically do not attend this meeting. After that meeting, the trustee will determine whether there are any non-exempt assets to liquidate or sell. In most cases, there are no non-exempt assets and the trustee will file a Report of No Distribution with the Bankruptcy Court. After the section 341 meeting of creditors, you will be looking for the Court to enter an order granting you a discharge of your debts. A deadline will be set for objections to be filed to your discharge. A creditor, trustee or party in interest may object to your discharge if there are sufficient grounds. Assuming there are no grounds and the deadline passes without objection, you should receive your discharge about four or five months after you filed the petition. After your discharge is entered, then the Bankruptcy Court will move toward closing your case. Obviously, there are all different reasons why there may be delays in a bankruptcy case. However, typically, the time frame work from filing to closure is about four to six months.

#bankruptcy #longitlasts