Debt can be drowning. No matter what you do, you may not be able to get above water. You may not want to take the step of filing bankruptcy, but it may be the only choice you have left. You no doubt want it over as quickly as possible.
How long does bankruptcy take?
The length of time it takes for bankruptcy to complete will depend on the type of bankruptcy you file. Chapter 7 bankruptcy generally takes less than four months. Chapter 13 bankruptcy takes between three and five years. That is because of the differences between the two types of bankruptcy.
Chapter 7 bankruptcy
Chapter 7 bankruptcy allows you to eliminate all of your debt. Chapter 7 bankruptcy provides you the ability to have your credit card debt erased. Credit card debt can be debilitating. Sometimes you need a fresh start and Chapter 7 bankruptcy might be your solution.
Chapter 13 bankruptcy
Chapter 13 bankruptcy is different from Chapter 7 in that not all of your debt is eliminated. Under Chapter 13 bankruptcy, you get a payment plan to repay your debt. Generally, this payment plan takes place over the course of three to five years. This allows you to keep your possessions while also repaying the debt. The debt is forgiven at the end of your payment plan.
The best part of this is that you determine how much money you pay each month to your creditors. Skilled bankruptcy attorneys can help you determine your recurring monthly costs to see what you can include in your payment plan.
Is bankruptcy right for me?
Everyone is different and every situation is different. What bankruptcy does for you is it stops the bleeding. Once you file bankruptcy, all foreclosure stops, all legal action against you stops, all harassing creditor phone calls must stop.
So the right time for you to file bankruptcy won’t be the same as the right time for another client. But when you can’t pay your bills anymore, when you are struggling to get by, that’s the time to reach out to us to discuss your options. The most important thing you can do is to not wait any longer. The longer you wait, the longer it is before this is all behind you.
What do I do now?
You call a law firm today. They have the experience you need to help you get back on your feet.
The longer you wait, the more bankruptcy may cost you. You will owe more interest and you will deal with more harassing creditor phone calls. Working with a debt collection lawyer Tampa, FL trusts can take the stress off your shoulders by handling those creditor phone calls for you. They can also help you create a plan that gets your finances in order and get back on your feet.
Thanks to The Law Office of Michael A. Ziegler, P.L. for their insight into bankruptcy law and how long bankruptcy can take.