What is the Chapter 7 Bankruptcy Timeline?
Filing for Chapter 7 bankruptcy has become increasingly popular in recent years, as it offers debtors a fresh start financially. The process of filing for Chapter 7 bankruptcy can be confusing and stressful, so it’s important to understand the timeline before you make any decisions. Knowing what to expect from the process can help you plan your finances accordingly and avoid some possible complications.
The Chapter 7 bankruptcy timeline lasts approximately four to six months from start to finish. The first step is preparing all the documents needed for filing, including a list of your creditors, monthly income and expenses, financial statements and tax returns. Then you must attend two required credit counseling courses before submitting your petition with the court. Once filed, an automatic stay is put into place which stops creditor harassment and collection efforts while the case is pending.
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