Bankruptcy Law Firm
Have you begun the bankruptcy process and you’re wondering why it’s taking so long? You aren’t the first person to ask your bankruptcy law firm why it seems like forever before you get the relief you were promised if you file.
The truth is bankruptcy doesn’t take that long, especially if you are filing for Chapter 7 and awaiting discharge of your debt. Chapter 13 takes a long time to complete and receive your discharge, but it’s usually pretty quick between the time you file and when you move forward with your repayment plan.
But this isn’t the case for everyone. Depending on your particular case, bankruptcy might take much longer than expected. Legal proceedings are like that. They tend to be unpredictable and since everyone’s circumstances are different, it’s impossible to know exactly how long your case will move along.
The best thing you can do is try to avoid delays. Most of the time, the reason bankruptcy takes longer than it should is because of the person filing. You have a great deal of control over the efficient handling of your bankruptcy. The sooner you get your act together the sooner all of the other parts can fall into place
What Does this Mean?
The best thing you can do is make sure all of the documents you’ll need to submit when you file are organized and easily accessible. This includes:
- Tax returns
- Proof of income
- Proof of debts
- Correspondence with debt collectors
- Information about assets
Most chapter 7 bankruptcies take about six months to complete if:
- You have everything you need to file
- You are diligent about submitting information
- Yout stay in contact with your affordable bankruptcy lawyer
Chapter 13 can get going even faster, though it will take at least three years to receive any debt discharge.
Another factor in how long it takes to complete bankruptcy is your assets and how you want to handle your assets. If there are several liquidation-eligible assets in a Chapter 7 filing, the process will take longer than it would if you have few to no assets.
However, all of your assets don’t need to be liquidated before you receive a discharge. You’ll be in better financial shape, but your bankruptcy case won’t be officially closed. In most cases, asset liquidation takes longer than expected, but this doesn’t mean relief will take forever. Your attorney can walk you through the process and help you understand how liquidation works and how it will affect you.
You can learn more about the asset liquidation process here.
An experienced and affordable bankruptcy lawyer can help you manage your case and keep it on track. Completing bankruptcy is a reasonable time is one of the primary benefits of working with a bankruptcy attorney. Nobody has complete control over the timeline, but the more responsive you are and the more diligent your attorney is about moving your case forward the better for all involved.