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How Long Will My Bankruptcy Take?

April 11, 2022

If you’re behind on bills, drowning in debt, stressed about the status of your bank account, or not sure when your next paycheck will arrive, you need relief now. Maybe you’ve tried to make things work on your own, followed a budget, spoke to your creditors about payment plans, or even tried a debt relief company. Unfortunately, many people find these methods unsuccessful in solving their debt and money woes. Even if they do work, they can take a long time to offer relief and be effective. Those who file for bankruptcy will see some relief right away and total relief within a few months.

The Automatic Stay

The most immediate and perhaps the most crucial impact of filing bankruptcy is the protection of the automatic stay. As soon as you file for bankruptcy, the automatic stay goes into effect. It prevents creditors and debt collectors from taking any action to collect debts. Under the automatic stay, they can’t:

  • Contact you by phone, mail, or other means

  • Garnish your wages

  • File lawsuits

  • Evict you

  • Foreclose on your home

  • Repossess your vehicle or other property

  • Levy your bank accounts

If they knowingly violate the automatic stay, they can face consequences, including fines for each infraction. Generally, the automatic stay remains in place throughout the bankruptcy process until discharge. After discharge, you no longer owe the debts, so creditors and debt collectors still can’t legally take action to collect a debt from you.

The Duration of the Bankruptcy Process

The duration of a bankruptcy case from filing until discharge can vary depending on the completeness of your documents, the type of bankruptcy you file, and the complexity of your case.

Chapter 7 Bankruptcy

Once you file your Chapter 7 bankruptcy case, your case will be appointed a trustee. You have one court hearing called the meeting of creditors. That hearing is generally 21 to 40 days after a case is filed. This hearing is for the Trustee to review your paperwork to determine whether any assets are property of the bankruptcy estate. Thankfully, having assets sold in a Chapter 7 is very rare. Having an attorney helps protect you from any actions being taken against your property.

The official bankruptcy discharge typically occurs between 3-4 months after the filing of your case.

Chapter 13 Bankruptcy

The Chapter 13 process is similar to the Chapter 7 process, including the automatic stay. However, in a Chapter 13 bankruptcy, you make a three to five-year plan to repay some or all of your debts. Your debts are discharged until you have successfully completed your payment plan per the court.

Contact an Experienced St. Louis Bankruptcy Attorney Today

If financial relief can’t come soon enough, now is the time to reach out to AKS Law. The sooner you hire us to help with your bankruptcy case, the sooner you can put yourself on the path to financial freedom without the stress you’ve recently endured. You can feel confident choosing us because we:

  • Have over a decade of experience

  • Personally handle every case

  • Have proven case results

  • Provide clients with their lawyer’s cell phone number

Call (314) 740-2989 or contact us online to schedule a complimentary bankruptcy case review. You can call us anytime as our phones are answered 24/7.