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How Long Does Bankruptcy Take?

Once you have made the difficult decision to file for bankruptcy, your next question is probably, “How long will this take?” You are likely extremely anxious to know when you will be on your way to rebuilding your finances. Every case is different, but there are general guidelines on how long it might take for a bankruptcy filing to complete.

How long it takes for a bankruptcy case to complete depends on whether you are filing for Chapter 7 or Chapter 13.

With Chapter 7 bankruptcy, the average case will take between four and six months for the filer to receive discharge of debts. Discharge means that the filer is no longer responsible to pay for the debts. You must pass a means test in order to qualify for Chapter 7 bankruptcy, however. If you do not pass the means test, you may look to another debt relief option such as debt negotiation, mortgage foreclosure defense or perhaps a Chapter 13 bankruptcy.

With Chapter 13 bankruptcy, you are placed on a repayment plan to pay off debts. In most cases, you can keep your property, like your home or car, while you pay off the debt. In Chapter 13, the filer is typically given between three to five years to pay off the debts. At the end of that period, if all the payments were made on time, all remaining debts are discharged.

If these are not attractive options debt negotiation might be a desirable route for those with overly burdensome unsecured debt. A debt negotiation program often takes between 36 and 39 months to complete with the cost being about 60% of the original debt. You can avoid having bankruptcy on your record and bring immediate and tangible relief to your situation.

Sometimes protection from creditors comes in the form of negotiating secured debt. Most often this is with a mortgage foreclosure defense. This process has been attempted by countless individuals only to end in failure. The reason for this is lack of knowledge and lack of patience. Mortgage foreclosure defense professionals know that this process can take anywhere from 6 months to over a year and takes a regular commitment to dealing with paperwork and red tape.

A qualified bankruptcy attorney such as Harold Shepley & Associates can help determine which type of debt relief is best suited for you. Harold Shepley & Associates is a full service debt relief law firm and can answer any questions you may have about debt and bankruptcy. Contact us today at 1-866-284-7062 or visit us at www.shepleylaw.com to find out more information on your debt relief options.


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