How Long Will My Chapter 7 Bankruptcy Last
By Bankruptcy Attorney on Feb 11, 2007 in Chapter 7 Bankruptcy, General Bankruptcy Information
Once your bankruptcy documents have been prepared, then they may be filed with the Court. Upon filing the documents with the Court events will be scheduled in your case that defines the amount of time it will take for your case to complete.
The first deadline is the Meeting or Creditors also known as the 341 Hearing. The Meeting of Creditors is set approximately 30 days from the date you filed your case.
The next significant date is when you receive your discharge. A discharge is the Court’s recognition that your dischargeable debts are no longer owed. A discharge generally takes place 60 days after your Meeting of Creditors.
Finally, there is the closing of your case. This happens shortly after the discharge is ordered. Often the case is closed within 30 days of discharge.
The majority of cases go smoothly from filing to closing. These cases are over within approximately 3 months of time and require very little effort on behalf of the Client after they are filed with the Court. However, there are a small amount of cases that require more work. Many of these cases require the Client to turnover assets to the Bankruptcy Trustee. Cases requiring assets to be turned over to the Trustee are called “Asset Cases.” It is rare a Client files a case without knowing they are filing an asset case, because the Client must list all their assets and the attorney then determines what assets are protected under applicable bankruptcy laws. Asset cases last more than 6 months.
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