If you decide that Chapter 7 bankruptcy is the right option for you in terms of debt-relief, you may be wondering how long the process with take. To understand how long it will take, you will need to understand the steps involved and the factors that can affect the amount of time it will take from start to finish, and here are several things you should understand about this.
Most cases close within 9 months
An average Chapter 7 case will typically take around nine months, or less, from start to finish. This means that if you file in January, the case might be closed by October. Closing this quickly is one of the key benefits offered through Chapter 7, yet there are times when cases take a little bit longer than this.
It depends on how quickly you work through the steps
There are a number of different steps in the process of bankruptcy, and the amount of time it takes for your case to close may depend on how quickly you can complete the steps that are up to you. Your case will begin when you meet with an attorney and supply him or her with all your financial documents needed for the case. You must also pay the attorney in full for the cost of the filing fees and legal fees. Additionally, you must take a credit counseling course in order for the attorney to file your paperwork. If you can get this completed quickly, the case will take less time.
After the lawyer files the paperwork, you will attend a hearing for the case in front of a bankruptcy trustee. If the trustee has everything he or she needs to process the case, there should be no delays. Next, you must take another credit counseling course. If you delay in doing this, the case could take longer.
There are other factors involved
Additionally, you should understand that there are other factors that can affect the timing of your case. For example, if the trustee needs more information from you, you can avoid delays in the case by supplying the information immediately. Cases can also delay if there are any forms of complications, or if the trustee must seize property and sell it. If this is not your first time filing, your case might take longer, simply because second-time filers may have more rules to follow.
If you would like to find out more about Chapter 7 and whether you qualify for it, you should call a law office, like Haven Law Group, P.C. , to schedule a consultation visit with a bankruptcy attorney.