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Question for the Money Doctors

Question submitted on Jan 8, 2014.

Question

How long does it take to complete the bankruptcy process

Answer

I am not an attorney or an expert in bankruptcy. However, upon a review of various bankrupcty organizations, it appears as though Chapter 7 bankrupcty, on average, takes 4-6 months to discharge debts. Chapter 7 bankruptcy is a total discharge of debt process.

Chapter 13, which is a reorganization bankruptcy, take 3-5 years, on average. Chapter 13 takes longer to work out debt payment plans with your creditors.


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