Filing for bankruptcy is not a decision many make lightly due to the complex nature of this process and the impact it can have on your credit report. However, if you have decided it’s in your best interest to file to help alleviate some of the debt and stress you feel, understanding how this process works and what you must expect is critical. For example, if you’re ready to begin, understanding how long it can take to complete a bankruptcy filing is vital. As such, it’s in your best interest to connect with an experienced Memphis, TN consumer bankruptcy lawyer who can help you understand what you should know about this process and guide you through filing.
What Is the Timeline to Complete a Bankruptcy Filing?
It’s important to understand that there are different bankruptcy Chapters you may file. As such, how long it will take depends heavily on whether you file Chapter 7 or Chapter 13.
In general, Chapter 7 is a shorter process than Chapter 13. This is because this process entails the liquidation of your assets, meaning the bankruptcy trustee assigned to your case will take and sell your assets to pay off your creditors. In most instances, this can take as little as six months to complete.
Chapter 13 bankruptcy, on the other hand, is significantly longer. This is because this process includes the reorganization of your debts. As such, you will be required to make one monthly payment, and your trustee is responsible for distributing money from this payment to your creditors. In most instances, this payment plan will last three to five years before the filing is officially complete.
What Factors Can Influence How Long This Process Takes?
Several factors can heavily influence how long both of these process takes you. In general, the size and complexity of your case is a very influential element. The more assets you have and the more complex they are, the longer your case will take to complete.
Additionally, your case may take a little longer if the court is overwhelmed with cases. The more bankruptcies judges and trustees must handle, the longer it will take them to get to your case.
What Should I Do if I Need Help During This Time?
If you have decided that filing for bankruptcy is in your best interest, it’s imperative to understand that you should not try to navigate this process on your own. Unfortunately, this is a complex process, so working with an experienced lawyer is imperative.
At the Arnold Law Firm, we understand how overwhelming it can be to feel as though you’re drowning in debt. As such, our team is committed to helping you explore your legal options and guide you through the bankruptcy process to help you find relief. Connect with us today to learn how we can assist you through these challenging times.
