If you are considering bankruptcy, you likely have many questions about the process. One of the questions you probably have is how long your bankruptcy will take. The amount of time your bankruptcy will take is largely dependent on the type of bankruptcy you file. A Cleveland Bankruptcy Attorneys can help you determine whether Chapter 7 or Chapter 13 bankruptcy makes the most sense for your specific situation.
Call our experienced attorneys at Cleveland Bankruptcy Attorneys today at (216) 586-6600 to evaluate your options and start the bankruptcy process.
Chapter 7 Bankruptcy vs. Chapter 13 Bankruptcy
The most common type of bankruptcy is Chapter 7. It is most appropriate for individuals who have more debts than assets and are unable to pay off the debts. Chapter 7 bankruptcy is also known as straight liquidation bankruptcy.
Chapter 13 bankruptcy, or debt consolidation bankruptcy, is intended for those who are able to pay a portion of their debts over time but require a debt restructure in order to put an end to high-interest rates and late fees. Both types of bankruptcies can give you the opportunity to turn your finances around and start rebuilding credit in a faster way than other methods would allow.
In most cases, a Chapter 7 bankruptcy will take between three and four months. If you file for Chapter 7 bankruptcy, your debt will be discharged once your case comes to an end. The process may take up to six months if you have assets that require liquidation. Chapter 13 bankruptcy, however, typically takes three to five years because it involves a reorganization process in which you will be responsible for making monthly payments to pay off your debt.
It’s important to understand that although the bankruptcy process may last several months or years, you will get immediate relief from creditor actions. Once you file Chapter 7 or Chapter 13 bankruptcy, creditors will not be able to take actions against you. You’ll be able to avoid repossession, foreclosure, and other serious consequences.
Consult a Cleveland Bankruptcy Attorneys
If you are considering bankruptcy to help your current financial challenges, you should contact an experienced Cleveland Bankruptcy Attorneys at Cleveland Bankruptcy Attorneys as soon as possible. We will discuss your income, assets, and debts to design a solution that is right for your circumstances. We look forward to helping you resolve your financial problems and rebuild your life.
Call us today at (216) 586-6600 for a free case consultation.