Transcript:
Hi Matt McArthur, attorney at Clear Counsel Law Group.
Today I want to address a common question that we get on a regular basis which is:
How long is the bankruptcy going to take? How long until I can get relief from my creditors?
How Long It Takes to Get Relief From Creditors
First you should know that relief is going to go into effect immediately upon the filing of your case.
There's something called the automatic stay, which is like a collection freeze that will stop wage garnishment, collection calls, vehicle repossessions, and home foreclosures.
In most cases we can get a case file of almost immediately, so that protection will go into place very quickly.
Once you have filed your case, it depends which kind of bankruptcy you have filed, to determine how long it's going to take to get to the end until you're done.
For a Chapter 7 bankruptcy, which is the most common type of bankruptcy, it typically takes about three months.
At the end of the three month time period, we would expect you to receive a discharge which is essentially the final order that wiped out the debt and in most cases, that signals the end of the bankruptcy case.
How Long a Bankruptcy Takes Will Depend Upon Which Chapter You File Under
For a Chapter 13 bankruptcy, it can take anywhere from 3-5 years and as you may know, Chapter 13 bankruptcy is a payment plan involving monthly payments made to the bankruptcy court.
Exactly how long the Chapter 13 is going to last in your particular situation, I would need to sit down and meet with you and review your financial information and I would love to give you that advice in person so please if you're at all concerned about how long a bankruptcy is going to last, what type of bankruptcy is best for you, and if you're considering a Chapter 13 how long that would last, please come in and meet with me, Matt McArthur.
I'm an experienced bankruptcy attorney here at Clear Counsel Law Group and I look forward to hearing from you soon.
