You may be granted a discharge on certain debts at the closing of your Chapter 7 bankruptcy proceedings. Meaning, you may no longer be financially responsible for paying off these debts. But you may have to wait patiently for this financial relief to kick in. In other words, it may take you months to get to this step of the bankruptcy process. Follow along to find out how long your bankruptcy might take and how a proficient Louisville, Kentucky Chapter 7 bankruptcy lawyer at Schwartz Bankruptcy Law Center can help you avoid any delays.

How long can I anticipate my Chapter 7 bankruptcy to take?

On average, a debtor may anticipate their Chapter 7 bankruptcy to take anywhere from four to six months to complete. This timeline starts on the date you submit your initial bankruptcy paperwork and ends on the date you receive your final decree from the Kentucky bankruptcy court. In between, you may expect to undergo a 341 meeting of creditors, a financial management course, and a debt discharge.

The timeline may be slightly skewed for a Chapter 13 bankruptcy, with an anticipated completion date of one to five months after initial filing. However, a debtor must also account for their court-ordered repayment plan for their debts, which may take an additional three to five years to complete.

How might my bankruptcy proceedings get prolonged?

It must be emphasized that four to six months is the anticipated deadline for Chapter 7 bankruptcy proceedings that go smoothly. That is, any fork in the road may delay a debtor’s proceedings by months, or even up to one year.

This is primarily in the hands of a bankruptcy trustee, which makes it all the more important for a debtor to remain in their good graces. Without further ado, more specific examples of what may prolong Chapter 7 bankruptcy proceedings read as follows:

  • A bankruptcy trustee may reschedule a debtor’s 341 meeting of creditors if they do not produce the necessary documents at the initially scheduled meeting.
  • A bankruptcy trustee may reschedule a debtor’s 341 meeting of creditors if they cannot address certain questions asked by creditors at the initially scheduled meeting.
  • A bankruptcy trustee may keep a debtor’s case open until they successfully sell complex assets, such as real estate, to pay off their creditors.
  • A creditor may file a motion or complaint against a debtor that the Kentucky bankruptcy court needs to resolve.
  • A debtor may file an adversary proceeding if they seek relief from a particular debt, such as student loan debt.

In a way, the best thing you can do to help yourself is to let a talented Louisville, Kentucky consumer bankruptcy lawyer help you. So please, as soon as you are ready, get in touch with us at Schwartz Bankruptcy Law Center.