No one enjoys the Chapter 7 bankruptcy process. It’s like braces on your teeth. It’s a little painful, and it takes awhile, but once it’s done, the benefits are worth it. In the case of bankruptcy, you’ll have a beautiful financial condition to be proud of — one that’s free of all the debts that were covered by the bankruptcy. Considering that bankruptcy isn’t “fun,” though, you probably want to know how long Chapter 7 takes.
The answer to this question is two-fold. Not only do you want to consider how long the bankruptcy process itself lasts, but you also want to look at how long it will take for your credit report to repair itself. As far as the process itself, you’ll finish your bankruptcy proceedings in about three to four months. If your creditors try to fight the bankruptcy, though, it could take longer.
Once your bankruptcy is complete, it’s time to start working to repair your credit. Usually, your bankruptcy will stay on your credit report for about ten years. Nevertheless, you’ll still be able to get new credit and continue with your life. Credit card companies are eager to make new card offers to people who have resolved their debt, and they also know that most people coming out of their bankruptcies have learned their lessons and will be more responsible with their money.
As you can see, Chapter 7 happens fast, but it can stay with you for some years into the future. To decide if the process is appropriate for you, Arizona residents may want to discuss their debt, asset and income situations with a qualified bankruptcy lawyer.