A Chapter 7 bankruptcy proceeding usually takes around 4 months. It takes time to prepare your case after you have returned all the necessary documentation – usually ten to fourteen days. After we have prepared your case and filed it, there is a meeting of the creditors (which generally only takes less than 10 minutes) 30 to 40 days later. About 30 days after that meeting, your discharge will arrive, meaning you will no longer have to worry, stress, or think about how you are going to climb out of the hole any longer.
Some cases take longer, particularly when assets are involved. But, over 90 percent of the cases filed are “no asset” cases. This means after the exemptions are applied there are no assets for the trustee to liquidate. Or, more importantly, you get to keep all of your property.
How can you determine whether the stress of your debts can be eliminated? The best way is to set up an initial consultation with a bankruptcy attorney. For those of you in Western North Carolina, I would be happy to help.