In the event that you are facing serious financial troubles or overwhelming debt, bankruptcy may be an option you are considering. If you are looking into filing for bankruptcy, you may be wondering how long the process can take and when you can expect to experience some relief from the financial pressures you are currently facing. The answer to this question depends on what type of bankruptcy you plan to file, a Chapter 7 bankruptcy or a Chapter 13 bankruptcy.
Bankruptcy Timeline
If you are planning on filing a Chapter 7 bankruptcy in Lawrenceville, you can expect the process to last about 4 to 6 months. This time is calculated from the date of filing to the date of your discharge.
Usually, if the process is prolonged, it is simply because it takes time to get the bankruptcy ready to file. It can take time to gather all the documents and information you need to be prepared to file. In a Chapter 7 bankruptcy, you will list all of your debts and assets. If all of your property is protected by a bankruptcy exemption and there is no property needs to be sold to repay your creditors, your bankruptcy will progress more quickly. Delays usually result only if you are unable to get all the proper information needed for your bankruptcy or you have assets that need to be sold to cover certain debts.
If you are planning on filing a Chapter 13 bankruptcy in Lawrenceville, the bankruptcy process from start to finish will be much longer, usually 3-5 years. This is because a Chapter 13 bankruptcy creates a payment plan for your debts that spans several years. Through the plan, your debts are consolidated and you set monthly payments to pay off your debt. After you file and begin your payment plan, discharge will occur when your plan payments are completed and paid.
Get Lawrenceville Bankruptcy Help Now
Filing for bankruptcy can feel daunting, especially if you are already feeling stressed by a difficult financial situation. While bankruptcy may not fix all your financial woes overnight, it can certainly be a means of helping you have a fresh financial start and getting you on a path to a better financial future.
If you are considering filing for bankruptcy, reach out to the skilled bankruptcy attorneys at The Ballard Law Group. We can help answer all of your questions and determine which type of bankruptcy is right for you. After that, we will work diligently so that your bankruptcy can be filed in a timely manner and we will communicate clearly so you understand what steps must be taken to avoid delays.
We understand that you want to feel relief and security as soon as possible. No matter which type of bankruptcy you end up choosing, we will work to help you get to that point. The Ballard Law Group offers a free initial bankruptcy consultation so that you can make an informed decision based on your situation. Call us today at (404) 800-9939 to schedule your free initial consultation at either our Atlanta or Lawrenceville office.