Many people facing bankruptcy are anxious to put the process behind them. One of the biggest reasons for filing bankruptcy is to get a fresh start, and it can be frustrating to have to wait to move on with your life. However, you need to go into the bankruptcy process with proper expectations, and that means having realistic notions about how long the process will take.
It’s important to remember that your petition for bankruptcy cannot even be filed until certain qualifications are met. For example, the means test to determine whether or not you are a candidate for bankruptcy must be taken and passed before you can file. You also must participate in a credit counseling course before filing. Any delay in either of these areas will, obviously, delay the entire process.
Once you have filed for bankruptcy, the good news is that your creditors will be required, by law, to stop making any effort to collect on the debt that you owe them. This means that they cannot come after your property, nor can they pursue any legal proceedings against you. This means that, for most people, the relief that filing for bankruptcy can bring usually comes as soon as you file.
This, however, does not mean that your debts have been discharged. Within 40 days of filing, you will be required to attend a meeting with the trustee assigned to your case. Any creditors who wish to attend this meeting may also do so, and your attorney will be there with you as well.
Following this meeting, your non-exempt assets will be divided up and distributed among your creditors. Your creditors also have 60 days to file disputes against your case.
Overall, the entire bankruptcy process usually takes about 4 to 6 months, depending on your specific circumstances. The important thing to remember is that you can help the process move along more smoothly by cooperating fully with your attorney. This means disclosing all of your assets, making sure that all paperwork is filled out correctly, and completing all the tasks your attorney assigns to you in a timely manner. Your attorney should be with you every step of the way so that you always know exactly what is expected of you.
To make sure that your Arizona bankruptcy case is handled as quickly and correctly as possible, contact JacksonWhite Arizona bankruptcy attorney Benjamin Skinner at (480) 648-8975. The longer you wait to call, the longer you’ll wait for your fresh start!