How Long Will My Bankruptcy Take?
No one wants to end up in significant debt. When it happens, the temptation is unfortunately there to shift the blame in your own direction despite the reality that debt problems typically come from issues outside of your control. To put that in perspective, health care is the primary cause of bankruptcy filings. Instead of blaming yourself for your situation, you should focus on learning as much as possible about the legal options that you have and what steps you can undertake to help get things back on track. As part of your decision-making process, you will likely ask yourself how long pursuing bankruptcy would actually take. The answer depends on many factors that are unique to your situation.
Background on Bankruptcy
While we would all ideally like to pay back the full amount borrowed from everyone, personal circumstances can shift unexpectedly in a way that results in that not being a realistic possibility and bankruptcy instead being the best option. The great thing about bankruptcy is in addition to eliminating debts, it can stop things like foreclosure, wage garnishment, and car repossession. It also halts calls and letters from creditors who are willing to harass you if they think that means there’s a chance of recovering funds from doing so.
Understanding Bankruptcy Timelines
As the goal of bankruptcy is to end up in a place where you have a fresh financial start, it is natural to wonder when that fresh start will actually happen. As hinted at above, the length of time can vary depending on the type of bankruptcy you file and other circumstances. Most Chapter 7 cases, for example, can close within a few months as they do not involve the filing of a plan of repayment as in Chapter 13. But depending on the aspects of your particular case, bankruptcy might end up taking much longer than expected. Because everyone’s circumstances are different, it’s impossible to know exactly how long your case will move along. You can, however, help avoid delays and move things move along by:
- Organizing and providing all needed paperwork and documentation
- Complying with any stipulations made by the court
- Keeping in contact with your bankruptcy attorney
Given how complicated today’s bankruptcy procedures are, it is imperative that you reach out for legal help from a legal team that can help you evaluate all your options appropriately before you even decide to file bankruptcy.
The Right Legal Help Can Help You
You are likely pondering your different options if you are struggling financially and don’t see a way out. If you are suffering from substantial bills that you don’t seem to be able to pay every month, it may be time to take a look at the prospect of bankruptcy and how it may be able to help you get things under control. Figuring out the answer to the question of whether bankruptcy is the best option has a lot to do with your individual situation and can be extremely overwhelming to determine on your own. As the Plantation bankruptcy attorneys at Nowack & Olson, PLLC, we don’t just do the paperwork to file for bankruptcy. In contrast, we offer assistance and support throughout the bankruptcy process that you can rely on to maximize your chances of a successful filing and a brand new start. Contact us today to begin.
Resource:
cnbc.com/id/100840148
