A bankruptcy filing can take more or less time depending on which chapter of bankruptcy you choose and some other factors, but we can usually give clients a general idea of the timeline. One thing that’s almost always true is that having legal representation can make this process easier and sometimes even faster. If you are seriously considering filing, a Bergen County bankruptcy lawyer may be able to assist you.
How Long Does a Bankruptcy Filing Take?
A typical bankruptcy filing can take around 100 days to complete, but sometimes your case is not technically finished. It’s just that your role in it and the need to show up for court dates and other appointments will end. You must first complete a credit counseling course and then you can file for Chapter 7 or Chapter 13 bankruptcy.
In Chapter 7, you will have your first meeting with your creditors around 28 days after filing. Usually, creditors don’t actually show up to these meetings, so only the bankruptcy trustee will be there. Around 45 days after filing you’ll have to take a financial management course. Then you will receive a message about your debts being discharged, usually around 70-100 days after filing. Your case is still open, but your role should be done even if your trustee is still handling claims and selling off assets.
Chapter 13 bankruptcy proceeds in much the same way, but it requires you to make a payment plan. Within 90 days, your plan to pay back your creditors can be finalized at a hearing. These payment plans normally last three to five years.
What Do I Need For a Bankruptcy Filing?
You’re going to need some documents and quite a bit of information when filing for bankruptcy, including:
- A list of assets and property
- A list of debts and your creditors
- Proof of your current income
- Information about your current expenses
Having all of the needed information can make this process a bit smoother.
What Can Make a Bankruptcy Filing Take More Time?
A few things can make a bankruptcy filing take longer than expected. Common issues include:
- A lack of certain documents or information
- Being involved in a bankruptcy-related lawsuit
- A need for the bankruptcy trustee to sell a lot of property
When Should I Hire an Attorney?
A bankruptcy filing can be tough to navigate on your own. An experienced attorney can help you manage the paperwork and ensure that you have everything that you need to file. They can answer your questions and make sure that you completely understand the process that you’re about to go through. If you need a fresh financial start, our attorneys are ready to help.
Talk to a Bankruptcy Lawyer Today
When you are ready to start your bankruptcy filing, contact the Law Office of Boyd & Squitieri. We can schedule a consultation and take a closer look at your situation. If bankruptcy is the right option for you, we’ll get the process started.
