You know that you want to file bankruptcy. You’ve gone over all of your options. It seems to make the most sense. It’s been a trying year and this is the best way forward.
What you’re really curious about isn’t whether or not this is the right decision, but how long it is going to take. You often hear people talk about bankruptcy as a “fresh start.” How long will it be until you can enjoy that fresh start?
There are many variables to consider
There are a lot of variables that will determine how long this takes. First and foremost is the type of bankruptcy you choose to file.
Maybe you want to use Chapter 7 bankruptcy, or liquidation bankruptcy. This will eliminate almost all of your debt by liquidating your assets. You do get to keep exempt items, which may include your home, your tools of the trade, etc. The process usually takes from four months to six months, as long as there are no delays.
Or, perhaps you’re interested in Chapter 13 bankruptcy, which creates a repayment plan. You don’t have to liquidate your assets, but you do have to make payments for the next three to five years. This process can take roughly the same time — three months or more — before the filing is complete, but then you do have to make those payments for years moving forward.
How can you get started?
As you work toward filing bankruptcy, consider all of your legal options carefully. The type of bankruptcy you use can help you achieve your specific goals for the future.