Chapter 13 bankruptcies can last anywhere from 3 to 5 years, however, a Chapter 7 bankruptcy is typically resolved much sooner. How long does Chapter 7 bankruptcy take is among the most common questions asked by individuals and the answer can vary. On average you can expect your Chapter 7 bankruptcy to last four to six months, from the time you file to the time your debts are discharged.
The amount of time a Chapter 7 bankruptcy takes depends on if the Bankruptcy trustee requests additional information and how long it takes you to find that information and provided it to the courts. Chapter 7 bankruptcy can also last longer if you have assets that the bankruptcy trustee must sell or if you are involved in a lawsuit. You can generally expect your 341 meeting of creditors hearing to be set around 30 days after you file your Chapter 7 petition. Once the 341 meeting is completed, your creditors have another 30 days to object to any debt being discharged in your case. After this court appearance at the 341 meeting of creditors, the average of 60 days will pass before your discharge is received and your Chapter 7 bankruptcy case is completed.
Your bankruptcy lawyer will be able to spot situations that may hold up your Chapter 7 bankruptcy which include other circumstances like you are attempting to discharge student loan debt, a creditor wants additional questioning past the allotted time, or you don’t complete your personal financial management education in a timely manner. You are typically able to take your exit management course as soon as the 341 meeting of creditors is completed. Make sure to ask your Houston bankruptcy lawyer if they foresee anything that might slow down the Chapter 7 bankruptcy process and what you can do to prevent that.