What is the average timeframe from start to finish for completing a Chapter 7 bankruptcy?
Typical duration of Chapter 7
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In a typical Chapter 7 bankruptcy, 20 to 40 days after the petition is filed, the case trustee will hold a meeting of creditors. In most cases, unless an interested party, such as a creditor, files a complaint objecting to the discharge from bankruptcy, the bankruptcy court will issue a discharge order generally 60 to 90 days after the date first set for the meeting of creditors.
Therefore, in a typical case with no objections, the discharge from bankruptcy normally occurs in four to five months from the date of filing.
Of course there may be many reasons why a case may be extended.
Also, do not confuse the discharge with the removal of the bankruptcy from your credit report, which will take from 7 to 10 years, depending on the policies of the credit reporting agency.
By Bankruptcy Expert, at 11:05 AM
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