Understanding bankruptcy

How long does a bankruptcy take?

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Bankruptcy filing usually takes a few weeks to prepare. You’ll need to gather all the necessary documents, prepare and review the petition, and take the mandatory credit counseling and financial management courses.

Sometimes it’s beneficial to wait a bit before filing (if your income was recently reduced, for instance), while other times it may be in your best interest to file as quickly as possible (for example – when a couple is divorcing).

The entire process from start to finish typically takes about four months for Chapter 7, while Chapter 13 is designed to establish a plan that will be executed over either three or five years.

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