Many people who file bankruptcy have difficulty paying off their debts and want to make a fresh start. Los Angeles residents who are considering filing bankruptcy should consider the time and commitments involved.
A bankruptcy filing can allow you to get a fast discharge under Chapter 7 bankruptcy. Although most Chapter 7 cases can be finished in 46 months, they require proper eligibility. Most people filing Chapter 13 bankruptcy cases will take 3 to 5 years, depending on how long your repayment plan is.
Filing for bankruptcy is a good idea. You should get your application in as soon as you can.
An automatic stay for creditors can protect your funds against collection activity. A stay order can help you stop harassment and collection calls by creditors.
The preparation of a consumer bankruptcy case begins with your attorney. The entire process of filing a Chapter 7 bankruptcy case takes between 4 and 6 months. However, there may be delays if additional documentation is required, an objection to the exclusion or discharge ability of debts, or if the education course cannot be completed in the time allowed.
Most Chapter 13 cases require a minimum 36 month repayment period. Although hardship discharges are possible after three years, it is not common for Chapter 13 cases to be discharged.
If you’re considering bankruptcy, consider how long it could take to resolve these cases.
This article was written by Alla Tenina. Alla is one of the best Bankruptcy Attorney in Sherman Oaks, and the founder of Tenina law. She has experience in bankruptcies, real estate planning, and complex tax matters. The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user or browser; the ABA and its members do not recommend or endorse the contents of the third-party sites.