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How Long Does Bankruptcy Take?

Feb. 7, 2022

If you are considering filing for bankruptcy, you may be wondering just how long it's going to take until you get some relief. The good news is that for many people, things start to get better the day they file, and most cases are resolved within a matter of months. Read on to learn more.

A Typical Chapter 7 Timeline

The moment you file for bankruptcy, your creditors are prohibited from contacting you about your debts or engaging in any collection efforts. When AKS Law files your bankruptcy case, we include something known as a “mailing matrix." This is a list of your creditors' mailing addresses formatted in a special way that makes it quick and easy for the bankruptcy court to notify your creditors immediately. If a creditor contacts you in the days immediately following your case is filed, you can simply tell them you filed for bankruptcy. They will make a note of it and stop calling, emailing, and snail-mailing you as soon as they are aware of your filing.

Approximately thirty days after filing your Chapter 7 case, the court will convene a 341 meeting of creditors. Despite the name, it is very rare for creditors to attend this hearing. This is the opportunity for Trustee to ask you questions regarding your bankruptcy paperwork and your financial situation. Often times, the trustee is just reviewing the information in your schedules with you to determine that they were accurately filed and to see if there are any vulnerable assets.

Approximately 60 days after the meeting of creditors the Court enters a discharge in your case. This notice goes out to the creditors to notify them that your case has concluded and that the debt is legally discharged.

A Typical Chapter 13 Timeline

A Chapter 13 bankruptcy involves having the court consolidate your debts into a manageable repayment plan. Just like Chapter 7, creditors cannot contact you as soon as your case is filed. A proposed repayment plan is often filed at the time of your case being filed. You'll then make your first payment in the 30 days that follow. Just like with Chapter 7, a creditor meeting will then be scheduled. Within 45 days, you’ll have a confirmation hearing. The purpose of a confirmation hearing is to get your plan confirmed. This means that the Judge, Trustee and Creditors no longer have any objections to the terms of the Chapter 13 plan. Chapter 13 repayment plans are most often 3-5 years long. Once you make all your payments, your case will be discharged.

Post-Bankruptcy Considerations

As St. Louis bankruptcy lawyers, we also like to point out that the other key ingredient of a bankruptcy timeline is how long your bankruptcy will stay on your credit report. A Chapter 7 will stay on your record for 10 years. A Chapter 13 will stay on your record for 7 years, which is just a few years after you make the final payment. Read about how to re-establish your credit after bankruptcy in our post “Can You Get a Mortgage After Filing Bankruptcy?

Our St. Louis Bankruptcy Attorney Team Can Guide You

AKS Law works tirelessly for our St. Louis bankruptcy clients. We encourage you to review our testimonials before you pick up the phone or submit our contact form. When you’re ready to stop the creditor calls and emails, reach out to us at 314-740-2989.