If you’re considering bankruptcy, you might be wondering how long the process will take. Bankruptcy is a complicated legal procedure, and the timeline can vary depending on several factors.
To get a better idea of what to expect regarding the timeline in your potential bankruptcy case, consult with an experienced Phoenix bankruptcy attorney today.
Before filing for bankruptcy, you will need to gather all your financial information, including income, expenses, debts, and assets. This step can take several weeks or even months, depending on the complexity of your financial situation. Your bankruptcy lawyer can advise you on everything you need to collect.
Before filing for bankruptcy, you must complete a credit counseling course from an approved agency. This course usually takes around one to two hours and can be done online, over the phone, or in person. The certificate of completion is valid for 180 days, so you will need to file for bankruptcy within that time frame.
Once you have completed the necessary preparations and credit counseling, your attorney will file your bankruptcy petition with the right bankruptcy court. This officially starts your bankruptcy case. The filing itself usually takes a day or two, but it can vary depending on the workload of the court.
Approximately 20 to 40 days after your bankruptcy petition is filed, you will attend a meeting of creditors, also known as a 341 meeting. During this meeting, you will be placed under oath and asked questions by the bankruptcy trustee and any creditors who choose to attend. Your attorney will be by your side to guide you through the process. This meeting typically lasts around 5 to 10 minutes.
After the meeting of creditors, you must complete a financial management course from an approved agency. This course focuses on budgeting, money management, and credit counseling. The certificate of completion must be filed with the court within 60 days of the meeting of creditors.
The length of time it takes for your bankruptcy case to be completed and discharged depends on the type of bankruptcy you file.
Keep in mind that every case is different, and delays are possible.
Navigating the bankruptcy process requires a clear understanding of the law, attention to detail, and effective communication with the court and creditors. Trying to handle it on your own can lead to costly mistakes and delays.
Don’t take chances with your financial future. Contact the Phoenix bankruptcy lawyers at Want a Fresh Start by calling (602) 737-3930 or contact us online to schedule a free consultation. We will assess your unique situation and guide you through the bankruptcy process, providing the support you need for a fresh financial start.
