A successful Chapter 7 case begins with the filing of the bankruptcy forms and ends with the closing of the case by the court. The time it takes to complete the process depends on whether you have any nonexempt assets that can be sold to repay a portion of your debt.
No Nonexempt Assets
If there are no nonexempt assets for the trustee to collect, the case will most likely be closed shortly after the person filing receives his or her discharge. This is usually about four months after the case is filed.
If there are nonexempt assets for the trustee to collect, the length of the case will depend on how long it takes the trustee to collect the assets and perform his or her other duties in the case. Most Chapter 7 consumer cases with assets last about six months, but some last considerably longer.
How We Can Help
The experienced legal team at Steffens Law Office can help you evaluate your bankruptcy options and plan to maximize your exempt assets. Call today to schedule a case review.