Basic Timeframes for Chapter 7

With the help of an experienced bankruptcy attorney, you can potentially file and be successfully discharged from Chapter 7 bankruptcy within one year.

If you intend to file for Chapter 7, it’s recommended to itemize your current source/s of income, major financial transactions in the past two years, debts, property, and monthly living expenses, and you should also gather all tax returns in the past two years, car titles, real estate deeds, and documentation for current loans.

When you file, a “trustee” will be appointed to your case, and about one month later, there will be a brief “meeting of creditors” to negotiate any problems or difficulties between you and your creditors. Typically within three to six months after the meeting of creditors, you should receive a notice from the court which signifies a successful discharge and elimination of certain debts, and this is where most Chapter 7 cases end. In rare cases, bankruptcy may last longer if there are lawsuits being pursued or assets still to be administered by the trustee. Most Chapter 7 cases take between four and eight months from filing to discharge.

If you are struggling financially and considering filing for Chapter 7 bankruptcy, you’re not alone. Contact an experienced bankruptcy attorney today for a free consultation.