How Long Does Bankruptcy Take?
Many debtors considering bankruptcy are severely burdened by the weight of their debts and the stress they cause. These debtors simply want to be rid of their debt and may not want to wait a significant period of time for relief to come. However, this may not always be possible as the length of time that a bankruptcy takes can be influenced by a variety of factors.
If you’re thinking about filing for bankruptcy, our attorneys are prepared to help you evaluate your options and take the next step with you. Call our Joliet bankruptcy attorneys at the Law Offices of Stuart B. Handelman, P.C., today at 815-722-2201 to learn more about how to begin filing for bankruptcy.
Understanding Bankruptcy Timeframes
When a person files for bankruptcy, there are several issues that can influence how long it takes to finish the bankruptcy process. If a person is worried about the amount of time their bankruptcy will take, they should consider the following:
- Chapter 7 bankruptcies are typically faster
- Chapter 13 bankruptcy repayment plans typically take 3-5 years to complete
- Bankruptcy may progress slower if creditors have objections
Generally speaking, Chapter 7 bankruptcies can take up to one year to complete, but are usually finished in a matter of months. In contrast, repayment plans can make Chapter 13 bankruptcy last a few years, often between 3 and 5 years. Each of these offer different options to debtors and should be discussed with a knowledgeable attorney.
If you’re thinking about filing for bankruptcy and want to work through the process with a professional advisor to ensure things run smoothly, our legal team may be able to help. To discuss your options for debt relief, contact our Joliet bankruptcy lawyers at the Law Offices of Stuart B. Handelman, P.C., today at 815-722-2201.