The bankruptcy process will take every individual a different amount of time to go through. Mainly, it will depend on which bankruptcy option an individual selects. Continue reading to learn how long both the Chapter 7 and Chapter 13 bankruptcy process is and how an experienced Louisville, Kentucky consumer bankruptcy lawyer at Schwartz Bankruptcy Law Center can assist you every step of the way.

How long is the Chapter 7 and Chapter 13 bankruptcy process?

Of note, the Chapter 7 bankruptcy and Chapter 13 bankruptcy processes go through similar, mandatory requirements up until the final steps. They are as follows:

  • You will have to file a bankruptcy petition.
  • You will have to file supplemental financial documents; so that all your properties, debts, and otherwise can be disclosed.
  • You will have to attend a meeting of creditors; so that a trustee will verify your identity and creditors can ask you questions regarding your petition.
  • You will have to attend a consumer debt management education course; so that you can later receive the opportunity to discharge your debt.

Though, this is not to say that the timeline for a Chapter 7 bankruptcy and a Chapter 13 bankruptcy are similar. The Chapter 7 bankruptcy process can take anywhere from four to six months, while the Chapter 13 bankruptcy process can take anywhere between three to five years.

This is because the Chapter 7 bankruptcy process ends with a bankruptcy trustee gathering and selling your nonexempt assets and using the proceeds to pay creditors in accordance with the bankruptcy code. And so, this is usually done in four to six months.

On the other hand, the Chapter 13 bankruptcy process ends with the final installment of your repayment plan. That is, a repayment plan is when you use your regular income to make monthly payments to your creditors to pay off all or parts of your debts. And so, this is usually done in three to five years.

How long after bankruptcy do I have to wait to file again?

In a similar sense, there is a timeline for how long it takes to be able to file for bankruptcy once more. If your initial filing was a Chapter 7 bankruptcy, then it takes at least eight years for you to qualify for a subsequent filing. And if your initial filing was a Chapter 13 bankruptcy, then it takes at least four years until you can file again. For both, your subsequent filing may be either for Chapter 7 or Chapter 13.

With all that being said, we understand that you likely want to put your bankruptcy incident behind you as soon as possible. This is why we recommend that you consult with a skilled Louisville, Kentucky consumer bankruptcy lawyer at your earliest convenience. Schedule your free initial consultation with us today.