How long does bankruptcy take?

Chapter 7 bankruptcy takes approximately 4 – 5 months if you do not have any assets that the trustee wants to sell and there are no other issues (e.g., an adversary proceeding to determine non-dischargeability of certain debt).

Chapter 13 bankruptcy takes either 3 or 5 years depending on your income.  If your gross income during last 6 months is less than median income in the state where you live, your Chapter 13 will take 3 years.  If your gross income for last 6 months is above the median income in the state where you live, your Chapter 13 will take 5 years.  The median income in Arizona for 1 person is $42,603.00, for a two-person household is $55,404.00, for a three-person household is $59,659.00 and for a four-person household is $67,113.00.

Chapter 11 bankruptcy takes usually a few years depending on the circumstances of the case.  Call us at 480-425-2009 today for more information!