how long does the procedure take?

[dice]

from filing, to being declared "bankrupt," how long does it usually take?

[Kaabi]

Having never declared bankruptcy I wouldn't know, but I would assume you have to work out something will all your creditors, so I would say it depends on how many creditors you are working with. It can't be more than 6 months though.

[Goldking]

Yes KAABI you are right!Even i hadnt fallen in bankruptcy so i dont know the exact figure.Perphaps it may take 6 months.

[bct]

Originally Posted by dice

from filing, to being declared "bankrupt," how long does it usually take?

i think its quite a quick process.
My uncle waited less than 3 weeks

[Killian]

A chapter 7 bankruptcy will generally take between 3.5-4 months. If you plan on filing a chapter 13 it will take 36 months to pay off your debt.

[bct]

You know alot about bankruptcy

Im in australia though so i guess things are a little different here. i have never heard of 'chapters'.

[Killian]

Yeah, I guess it is a bit different. I actually looked that up though. I was curious about it after I read the question.

[Melos]

I've known people who have done Chapter 7 - which is the complete removal of debt, to put it simply - and it has taken anywhere from 2 to 6 months to complete the whole process. However, much of that is just waiting.

[ninikins]

Can someone explain to me what chapter 7 is exactly? I am from europe and we dont have anything like that here.

[r8rpwr]

Chapter 7 and Chapter 13 refer to chapters of the U.S. bankruptcy code, so the laws don't apply in other countries.

Chapter 7 is liquidation; Chapter 13 is repayment/reorganization. Or is that reorganisation in Europe?