You’re trying to run a business and you want the bottom line, how long will this take? What are the steps in bankruptcy and what should we do along the way? I’ll give you the answer all lawyers give: it depends. The first factor is what chapter you’re dealing with. Chapter 7 cases are usually much faster than Chapter 13. But Chapter 13 cases are more likely to fall apart before they even get started.
Chapter 7
A Chapter 7 bankruptcy is when the debtor is liquidating his assets to pay off debts. Whatever debts cannot be paid off are discharged and no longer have to be paid. On the short end, a Chapter 7 bankruptcy could take as little as four months. If there are assets that have to be administered, a case ...
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