How Long Will I Wait for a Bankruptcy Discharge?
If you are considering filing for personal bankruptcy, one of the questions you likely want to know is: how long will I wait for a bankruptcy discharge? The answer to that question depends upon a number of factors, including the type of bankruptcy case you are planning to file and the complexity of your case. Depending upon your particular details, you could have a discharge within a few months from filing, or the discharge could take several years from the date of filing. Our experienced West Palm Beach bankruptcy attorneys can explain in more detail, and we can speak with you today about your options for filing for bankruptcy and receiving a discharge.
Type of Bankruptcy Case Will Have Significant Impact on Timing of Discharge
The type of bankruptcy case you are planning to file will have a significant impact on the timeline you can expect for a bankruptcy discharge in a personal or consumer bankruptcy case. Generally speaking, Chapter 7 bankruptcy — which is a liquidation bankruptcy — is usually the quickest of the bankruptcy options available to individuals. In a Chapter 7 case, most people can expect to receive a discharge between four and six months after filing their initial bankruptcy petition, but in some cases, a discharge can be granted as early as three months from the initial filing date. In more complex Chapter 7 cases, a discharge may take longer than six months.
Chapter 13 bankruptcy cases, as well as Chapter 11 cases — both types of reorganization bankruptcy — have a significantly longer timeline. Most individuals who want to file for a reorganization bankruptcy will file for Chapter 13 bankruptcy as long as they are eligible to do so. These cases take between three and five years for a debtor to complete the terms of the repayment plan, after which time the debtor can be eligible for a discharge of remaining debts. If an individual debtor is not eligible for Chapter 13 because that debtor has too much debt to qualify, that debtor can usually file for Chapter 11 bankruptcy instead. Chapter 11 cases can take anywhere from months to years, depending upon the debtor’s financial circumstances.
Complexity of the Bankruptcy Case
The complexity of your bankruptcy case will also impact the timing of the discharge. If you have a relatively straightforward case, you can usually expect a Chapter 7 case to last the average of four to six months, and for a Chapter 13 case to take the length of the repayment plan (three to five years). However, if you have a particularly complex case, you may need to expect for your case to take more time, and thus to wait longer to receive a discharge.
A bankruptcy lawyer at our firm can go over the details of your case with you and can help you to understand the likely length of time you will be able to expect from filing to discharge.
Contact a West Palm Beach Bankruptcy Attorney Today
If you are considering personal bankruptcy, you should get in touch with one of the experienced West Palm Beach bankruptcy lawyers at Kelley, Fulton, Kaplan & Eller to discuss your case and to get started on your filing.
Sources:
law.cornell.edu/uscode/text/11
