For many people, the length of the bankruptcy process can be a big concern. Once you hire a lawyer and begin the paperwork process, you’ll be eager to get in and out of the court system as quickly as possible. Chapter 7 provides a great haven for those who are struggling financially, but that doesn’t mean you want to spend months of your life dealing with the bankruptcy process! Fortunately, you don’t have to.
Why Chapter 7 Cases Move Quickly
Chapter 7 cases are known for being dealt with fairly quickly. While you shouldn’t go in with the expectation of traffic-ticket-expediency, you shouldn’t set yourself up to endure long, drawn-out court appointments!
Chapter 7 cases tend to be filed as “no asset” cases. Essentially, this means that all of your assets are going to be exempt from being seized and sold. Because you won’t have any assets that the court will have to price and sell, your case can move a lot quicker. Plus, you get to hang onto your possessions! It’s a win-win situation, right?
Once you’ve filed, you won’t have to revisit the court for a while. When the paperwork has been completed by you and your bankruptcy lawyer, all you have to do is wait on the court. Of course, now that you’ve filed, you get to enjoy some of the protections of the bankruptcy court. But, you’re not finished. This waiting period can take around four to six months.
But, once your final decree is issued a few months after filing, you’re home free! Enjoying the benefits of Chapter 7 bankruptcy can be rather painless!