How Long Chapter 7 Bankruptcy Take
Chapter 7 bankruptcy is a legal process providing a protection from the creditors under the U.S. Federal Law. Filing a bankruptcy under Chapter 7 is a four to six months long process. It may take longer time depending on some circumstantial requirements like the trustee demands more information before any further procedure. Chapter 7 bankruptcy helps you to get rid of debts such as personal loans, credit card balances and medical bills. However, some of the debts will remain such as student loan, unpaid taxes and spousal support payments. But chapter 7 allows you to keep your home and job and surrender other taxable property to the trustee. After you file the petition, you will get 341 meeting notice and you must attend a financial management course. If you need to file a chapter 7 bankruptcy petition, it will be best to take a professional help.
** Disclaimer: This blog post does not constitute legal advice, nor does it create a client-attorney relationship.