Bankruptcy gives you a fresh start financially. But it’s not for everyone.
When Should You File for Bankruptcy?
There are many theories posted online about this subject but keep in mind
few bankruptcies are exactly the same. In some cases, you might be trying
to save the home you spent your life paying for. In other cases, you may
have fallen into debt due to a medical condition. Even simple credit card
overspending, or less than simple job loss, can lead to bankruptcy
What Are the Benefits of Bankruptcy?
Bankruptcy does have advantages, especially when you consider personal
Chapter 7 and
Chapter 13 bankruptcy. Filing for bankruptcy is not about giving up; it’s about reworking
your finances so you can get a second chance.
How Long Does Chapter 7 Bankruptcy Last?
The process for Chapter 7 bankruptcy typically only lasts
3-4 months. You hire an attorney, file with the courts, get a trustee who liquidates
your nonexempt assets, and then you are for the most part free of
creditor harassment, demanding letters from the bank, and huge interest rates on your credit
card debt. Still, Chapter 7 bankruptcy should only be used in certain
cases: in some respects, it’s the best form of bankruptcy available;
but in others, you might lose many of your assets such as your
home. It depends on what assets will be
exempt and nonexempt. For instance, you cannot cancel mortgage debt, so this
won’t save your home from foreclosure. You can eliminate the majority
of your debt, especially credit card debt.
Before Chapter 7 bankruptcy begins, hire a professional bankruptcy attorney
to look over your case. As you’ll have to follow court guidelines
such as taking debt management classes and showing your income and debt.
How Long Does Chapter 13 Bankruptcy Last?
Chapter 13 bankruptcy typically lasts
3-5 years. You hire an attorney, file with the court, create a plan to pay back
your debt over this period, and hopefully in the end, you’re back
on your feet. If you still have an income, can pay monthly expenses, and
follow court guidelines, you will be better off financially within a few
years. Many debtors who make enough money are now being told by courts
to file for Chapter 13 bankruptcy; this is because Chapter 7 bankruptcy
involving canceling credit card debt is much more common.
Reach out to skilled
bankruptcy lawyers from the
Price Law Group today. Based in Encino, we have helped thousands of clients nationwide
find debt relief. Contact us
online or call (866)210-1722 for a free consultation. Se habla Español.
What Happens After Bankruptcy is Filed?
So we know how long Chapter 7 and Chapter 13 bankruptcy take. How long
should it take for you to get a fresh start? If you have to file bankruptcy
again, can you? Getting financially solvent is another complicated question,
but with the right plan, with the
advantages of bankruptcy, you can. However, this bankruptcy will remain on your credit report for
10 years, which can limit your spending.
You can file for Chapter 7 or Chapter 13 bankruptcy again after six years
time has passed. At this point, it may seem like you can never get your
finances in order. However, a good bankruptcy attorney can help you beyond
the courtroom: he or she can also help you stop
The advantages of bankruptcy are many, the time it takes most often a few
months or a few years, and the costs are small in comparison to what you
gain. If you’re interested in filing for bankruptcy, if you want
a fresh start, contact a good bankruptcy attorney today.
For a free consultation, call (866)219-1722. The Price Law Group is here
to help. Our services are available in English and Spanish.