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How Long Does Bankruptcy Take
You can expect the Chapter 13 bankruptcy process to last anywhere from 36 to 60 months. The process begins when you file a two-page petition starting Chapter 13 proceedings and pay a fee. You will be given a docket number, and all actions by creditors are stopped, except those that might be allowed by motion in the bankruptcy court.
Creditors Stop Demanding Money
Within several days of filing your petition, you must submit a list of the names and addresses of all your creditors to the bankruptcy court. About a week after submitting the list, you are responsible for completing a lengthy document including many lists of your assets, liabilities, income, expenses, past financial history, a plan outlining exactly how you propose to reorganize under Chapter 13, and evidence that you are capable of completing the plan. You'll be able to file amendments, add creditors, change the status of a creditor, or change the schedules or plan if you need to.
Meeting With The Trustee
You then begin the repayment plan. How long you are in the plan depends on your income and the size of your debt. Bankruptcy law requires all plans to take between 36 and 60 months. Even if you turn out to have enough income to satisfy your debts in less than 36 months, the trustee will likely demand that the plan be 36 months and that a larger percentage of funds go to the unsecured creditors.
Chapter 7 Takes Less Time
Call The Law Office of Edgar Lombera- San Bernardino Bankruptcies at 909-915-0181 for immediate help! Cities Supported: San Bernardino, Redlands, Yucaipa, Colton, Muscoy, Fontana, Rialto, Banning, Big Bear, Crestline, High Desert, Hesperia, Adelanto, Victorville, Grand Terrace, Rancho Cucamonga, Los Angeles, Upland, Ontario, Pomona, Chino, Montclair, Riverside, Moreno Valley, Corona, Cathedral City, Palm Springs, Palm Desert, Indian Wells, Coachella Valley