No one wants to file for bankruptcy. It has the stigma attached that it is the end of the road. It isn’t the end. For most, it could be the beginning of a better financial future. Before filing for bankruptcy, many often question how long it takes to go through it. Working with an experienced Florida bankruptcy attorney may make the process easier than tackling this journey alone.
Each type of bankruptcy has its specific timeline. Delays and complications may occur during the process. And the length of a bankruptcy case depends on which kind of bankruptcy chapter you file. The following is an overview of how long an average bankruptcy case might take.
Chapter 7 bankruptcy is by far the fastest type of bankruptcy case. Most Chapter 7 bankruptcy cases take five to six months from the date you file the petition with the court. The end goal of Chapter 7 is to discharge your debts.
There are a few reasons that a Chapter 7 case could take longer than expected, including:
How long your specific bankruptcy case takes is up to you, and how quickly you move through the steps. Some people will take months to get ready, while others move through the stages in just a few weeks. Again, the timing is entirely up to you.
Chapter 13 bankruptcy cases are considerably longer than Chapter 7 bankruptcy cases. The main reason is that you must complete a repayment plan before receiving a discharge. Those repayment plans can take between three to five years to complete.
Once you have filed your Chapter 13 bankruptcy petition, you submit a proposal for repayment and restructuring of your debt to the court. This process can take up to six months or longer to approve your repayment plan. In addition, this process may take longer than expected if multiple negotiations are required with the trustee or your creditors.
Chapter 13 bankruptcy will only be considered complete once your payment plan is fulfilled. Additionally, you may be required to turn over your tax returns and tax refunds each year that the payment plan is active.
Chapter 11 bankruptcy is the most complex form of bankruptcy and is expensive and lengthy. While it is possible for an individual to file Chapter 11 Bankruptcy, most Chapter 11 cases are filed by businesses that are still viable but need restructuring. The amount of time that a Chapter 11 bankruptcy case can take can vary depending on many factors including the size of your business or your unique individual financial situation. Timing depends strictly on the specific circumstances involved. Most cases last from six months to several years.
Bankruptcy in any form can be a challenge. Knowing which path to take based on your unique financial situation is essential. Working with the right bankruptcy attorney will help you determine the correct case to file and walk with you through your journey. If problems arise, they address them and keep your case on track to completion. The sooner you contact Miller, Hollander, and Jeda, the sooner you can regain control of your finances and secure a better future.
Miller, Hollander & Jeda’s founding attorneys began practicing in the early 1970s before putting down roots in the area and joining forces in 1992 to create the Naples, Florida, law firm that bears their names. Since its inception, Miller, Hollander & Jeda has focused on bankruptcy. The goal of our attorneys and our experienced staff, established at the outset and built upon year by year, is to use our extensive knowledge of bankruptcy law to answer the complicated questions you have regarding your financial trouble and help you solve your problems. We take pride in helping clients get a fresh start.