{"id":4956,"date":"2024-02-19T10:26:16","date_gmt":"2024-02-19T10:26:16","guid":{"rendered":"https:\/\/phoenixfreshstartbankruptcy.com\/?p=4956"},"modified":"2024-02-26T10:41:48","modified_gmt":"2024-02-26T10:41:48","slug":"how-long-does-bankruptcy-take","status":"publish","type":"post","link":"https:\/\/phoenixfreshstartbankruptcy.com\/how-long-does-bankruptcy-take\/","title":{"rendered":"How Long Does Bankruptcy Take in Phoenix, AZ?"},"content":{"rendered":"<h2><span class=\"ez-toc-section\" id=\"Understand_the_Time_Frame_of_this_Complex_Process\"><\/span><b>Understand the Time Frame of this Complex Process<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<label for=\"ez-toc-cssicon-toggle-item-663ca08ad54a2\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-663ca08ad54a2\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/phoenixfreshstartbankruptcy.com\/how-long-does-bankruptcy-take\/#Understand_the_Time_Frame_of_this_Complex_Process\" title=\"Understand the Time Frame of this Complex Process\">Understand the Time Frame of this Complex Process<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/phoenixfreshstartbankruptcy.com\/how-long-does-bankruptcy-take\/#Quick_Summary\" title=\"Quick Summary:\">Quick Summary:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/phoenixfreshstartbankruptcy.com\/how-long-does-bankruptcy-take\/#How_Long_Does_Chapter_7_Bankruptcy_Take\" title=\"How Long Does Chapter 7 Bankruptcy Take?\">How Long Does Chapter 7 Bankruptcy Take?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/phoenixfreshstartbankruptcy.com\/how-long-does-bankruptcy-take\/#How_Long_Does_Chapter_13_Bankruptcy_Take\" title=\"How Long Does Chapter 13 Bankruptcy Take?\">How Long Does Chapter 13 Bankruptcy Take?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/phoenixfreshstartbankruptcy.com\/how-long-does-bankruptcy-take\/#What_is_a_341_Meeting_of_Creditors\" title=\"What is a 341 Meeting of Creditors?\">What is a 341 Meeting of Creditors?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/phoenixfreshstartbankruptcy.com\/how-long-does-bankruptcy-take\/#What_are_the_Qualifications_for_Bankruptcy\" title=\"What are the Qualifications for Bankruptcy?\">What are the Qualifications for Bankruptcy?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/phoenixfreshstartbankruptcy.com\/how-long-does-bankruptcy-take\/#What_are_the_Qualifications_for_Chapter_7_Bankruptcy\" title=\"What are the Qualifications for Chapter 7 Bankruptcy?\">What are the Qualifications for Chapter 7 Bankruptcy?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/phoenixfreshstartbankruptcy.com\/how-long-does-bankruptcy-take\/#What_are_the_Qualifications_for_Chapter_13_Bankruptcy\" title=\"What are the Qualifications for Chapter 13 Bankruptcy?\">What are the Qualifications for Chapter 13 Bankruptcy?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/phoenixfreshstartbankruptcy.com\/how-long-does-bankruptcy-take\/#Learn_How_Long_Does_Bankruptcy_Take_With_Our_Attorney\" title=\"Learn How Long Does Bankruptcy Take With Our Attorney\">Learn How Long Does Bankruptcy Take With Our Attorney<\/a><\/li><\/ul><\/nav><\/div>\n\n<p><span style=\"font-weight: 400;\">You could be wondering how long does bankruptcy take. Bankruptcy can take anywhere from a few months to several years to complete. That also depends on the type of bankruptcy filed and its complexity.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Chapter 7 bankruptcy typically takes around three to six months to complete. Chapter 13 bankruptcy can take three to five years to complete. Factors such as court schedules, creditor objections, and the debtor&#8217;s compliance with requirements can also affect the timeline.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Quick_Summary\"><\/span><b>Quick Summary:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Filing paperwork initiates Chapter 7 bankruptcy, but the process doesn&#8217;t conclude immediately. It takes about three to six months from filing to discharge.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Chapter 13 bankruptcy allows individuals to repay debts over three to five years. However, the timeframe can vary based on the repayment plan.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The 341 Meeting of Creditors is a pivotal stage in the bankruptcy process. It facilitates interaction between the debtor, creditors, and the trustee.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u00a0Chapter 7 bankruptcy eligibility hinges on passing the means test, undergoing credit counseling, and meeting discharge timing requirements.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Chapter 13 bankruptcy necessitates stable income for regular payments and caps on unsecured debts.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"How_Long_Does_Chapter_7_Bankruptcy_Take\"><\/span><b>How Long Does Chapter 7 Bankruptcy Take?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Chapter 7 bankruptcy is a legal process allowing individuals or businesses to eliminate most of their debts and get a fresh financial start. However, it is essential to understand that <\/span><a href=\"https:\/\/phoenixfreshstartbankruptcy.com\/chapter-7\/\"><span style=\"font-weight: 400;\">Chapter 7 bankruptcy<\/span><\/a><span style=\"font-weight: 400;\"> does not happen overnight.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The timeline for completing Chapter 7 bankruptcy can vary depending on several factors. The following are the processes that impact the length of Chapter 7 bankruptcy:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Start your Chapter 7 bankruptcy case by filing paperwork with the court.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Attend the 341 meeting of creditors hearing, typically scheduled 20-40 days after filing.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Answer the trustee&#8217;s questions under oath. Creditors may ask questions but rarely do.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Provide more information if requested. The meeting may continue if necessary.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Complete a financial management course within 60 days of the meeting.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Receive bankruptcy discharge approximately 60 days after the meeting.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The case is officially closed after all matters were resolved, and the court dismissed it.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"How_Long_Does_Chapter_13_Bankruptcy_Take\"><\/span><b>How Long Does Chapter 13 Bankruptcy Take?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"https:\/\/phoenixfreshstartbankruptcy.com\/chapter-13\/\"><span style=\"font-weight: 400;\">Chapter 13 bankruptcy <\/span><\/a><span style=\"font-weight: 400;\">is a legal process allowing individuals with regular income to develop a plan to repay all or part of their debts over three to five years. The duration of a Chapter 13 bankruptcy case can vary depending on several factors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you owe money to creditors, you may need to create a repayment plan to settle your debts. One option you have is called a <\/span><b>100% plan<\/b><span style=\"font-weight: 400;\">. This plan is designed to pay off all your unsecured debts, like credit card balances and medical bills, in full. That means you can complete Chapter 13 earlier than the expected three to five years if you opt for this plan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are the steps:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Assess your total debt<\/b><span style=\"font-weight: 400;\">: List down all your unsecured debts, including credit card balances, medical bills, and other outstanding obligations.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Determine your budget<\/b><span style=\"font-weight: 400;\">: Calculate your monthly income and expenses to see how much money you have for debt repayment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Set a timeline<\/b><span style=\"font-weight: 400;\">: Decide how quickly you want to pay off your debts. Remember that a 100% plan aims to settle everything in full.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Negotiate with creditors<\/b><span style=\"font-weight: 400;\">: Reach out to your creditors to discuss repayment options, such as reduced interest rates or waived fees, that can help you pay off your debts faster.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Focus on your debts<\/b><span style=\"font-weight: 400;\">: Determine which debts to pay off first based on interest rates, outstanding balances, and other factors.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Stick to your plan<\/b><span style=\"font-weight: 400;\">: Make regular payments on your debts according to your repayment schedule, adjusting as needed to stay on track.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Check your progress<\/b><span style=\"font-weight: 400;\">: Keep track of your debt balances and review your budget regularly to ensure you are making progress toward your goal.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Seek support if needed<\/b><span style=\"font-weight: 400;\">: Consider working with a financial advisor or credit counselor who can provide guidance and support as you work towards becoming debt-free.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"What_is_a_341_Meeting_of_Creditors\"><\/span><b>What is a 341 Meeting of Creditors?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A 341 Meeting of Creditors (also known as a creditors&#8217; meeting or a meeting of the creditors) is a crucial step in how long bankruptcy takes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">During this meeting, the person or company filing for bankruptcy (the debtor) must <\/span><b>meet with their creditors and a trustee appointed by the court<\/b><span style=\"font-weight: 400;\">. The meeting allows the creditors to ask questions about the debtor&#8217;s financial affairs and the circumstances surrounding the bankruptcy filing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here&#8217;s what typically happens during a <\/span><a href=\"https:\/\/phoenixfreshstartbankruptcy.com\/chapter-7\/creditors-meeting-chapter-7\/\"><span style=\"font-weight: 400;\">341 Meeting of Creditors<\/span><\/a><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Notification:<\/b><span style=\"font-weight: 400;\"> The debtor receives a notice from the bankruptcy court informing them of the meeting date, time, and location.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Attendance:<\/b><span style=\"font-weight: 400;\"> The debtor must attend the meeting and answer questions under oath. Creditors are also invited to attend, although they are not always present.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Questioning<\/b><span style=\"font-weight: 400;\">: The trustee presides over the meeting and may ask the debtor questions about their assets, liabilities, income, and expenses. Creditors also have the opportunity to ask questions. However, they are typically limited to matters relevant to the bankruptcy case.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Verification<\/b><span style=\"font-weight: 400;\">: The debtor must provide identification and proof of their Social Security number at the meeting to verify their identity.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Documentation: <\/b><span style=\"font-weight: 400;\">The debtor may need to provide certain documents to the trustee before or during the meeting. Those documents include tax returns, bank statements, and pay stubs.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Adjournment:<\/b><span style=\"font-weight: 400;\"> The meeting is adjourned once all questions have been answered. In most cases, it only lasts for a short time, typically less than half an hour.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"What_are_the_Qualifications_for_Bankruptcy\"><\/span><b>What are the Qualifications for Bankruptcy?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Bankruptcy qualifications vary depending on the type of bankruptcy you are considering. Generally, individuals must meet certain income and debt requirements to file for bankruptcy protection.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_Qualifications_for_Chapter_7_Bankruptcy\"><\/span><b>What are the Qualifications for Chapter 7 Bankruptcy?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">To qualify for Chapter 7 bankruptcy, individuals must pass the <\/span><b>means test. <\/b><span style=\"font-weight: 400;\">The test compares their income to the median income in their state. They must also undergo credit counseling from an approved agency within 180 days before filing.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, individuals cannot have had a Chapter 7 bankruptcy discharge within the past eight years or a Chapter 13 bankruptcy discharge within the past six years.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_Qualifications_for_Chapter_13_Bankruptcy\"><\/span><b>What are the Qualifications for Chapter 13 Bankruptcy?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">To qualify for Chapter 13 bankruptcy, individuals must have a stable income to make regular payments to creditors. Additionally, their unsecured debts must not exceed a certain amount.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Learn_How_Long_Does_Bankruptcy_Take_With_Our_Attorney\"><\/span><b>Learn How Long Does Bankruptcy Take With Our Attorney<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Bankruptcy can take different amounts of time depending on the type of bankruptcy filed. To handle bankruptcy, you must ask the court for help, attend meetings with creditors, get financial counseling, and maybe sell things or make a payment plan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Phoenix Fresh Start helps you <\/span><a href=\"https:\/\/phoenixfreshstartbankruptcy.com\/rebuilding-credit-after-bankruptcy\/\"><span style=\"font-weight: 400;\">rebuild credit<\/span><\/a><span style=\"font-weight: 400;\">, which is necessary for getting back on track financially. That gives you more options, like getting car loans, renting homes, or applying for mortgages. It also helps you take control of your financial future.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Our <\/span><a href=\"https:\/\/phoenixfreshstartbankruptcy.com\/\"><span style=\"font-weight: 400;\">bankruptcy attorney<\/span><\/a><span style=\"font-weight: 400;\"> not only guides you on how long bankruptcy takes but also helps in other areas like <\/span><a href=\"https:\/\/phoenixfreshstartbankruptcy.com\/best-phoenix-bankruptcy-attorneys\/what-happens-when-you-file-for-bankruptcy\/\"><span style=\"font-weight: 400;\">filing for bankruptcy<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/phoenixfreshstartbankruptcy.com\/chapter-7\/bankruptcy-exemptions-phoenix\/\"><span style=\"font-weight: 400;\">bankruptcy exemptions,<\/span><\/a><span style=\"font-weight: 400;\"> and more. You are in good hands with Phoenix Fresh Start. Get back on track and schedule a free, no-obligation, stress-free financial analysis today!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Understand the Time Frame of this Complex Process You could be wondering how long does bankruptcy take. Bankruptcy can take anywhere from a few months to several years to complete. That also depends on the type of bankruptcy filed and its complexity.\u00a0 Chapter 7 bankruptcy typically takes around three to six months to complete. Chapter 13 bankruptcy can take three to five years to complete. Factors such as court schedules, creditor objections, and the debtor&#8217;s compliance with requirements can also [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4957,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/posts\/4956"}],"collection":[{"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/comments?post=4956"}],"version-history":[{"count":1,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/posts\/4956\/revisions"}],"predecessor-version":[{"id":4958,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/posts\/4956\/revisions\/4958"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/media\/4957"}],"wp:attachment":[{"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/media?parent=4956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/categories?post=4956"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/tags?post=4956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}