The length of time it takes an individual to file for bankruptcy and have the debts discharged varies immensely. The time it takes from the beginning of the process to final discharge depends on what type of bankruptcy they intend to file and how quickly all the information that is required to support the petitioners income and debt can be gathered together. Most private persons use a bankruptcy lawyer in Royal Palm Beach to assist them to file either Chapter 7 or Chapter 13 bankruptcy but the type is very influential on the time it takes to complete the process.
The most common type of bankruptcy is Chapter 7; this is filed by an individual who has very little in the way of meaningful assets that need to be protected. The individual wishing to declare Chapter 7 normally hires a bankruptcy lawyer in Royal Palm Beach to help in filing all the necessary paperwork. The part that normally takes the longest is pulling together all the information that is demanded by law. In the event the individual owes money to a number of different creditors and any or all of them have sold the debt to a collection agency it may be difficult to determine who owes who; what.
The statements that the individual must provide include income statements, a list of any assets and tax returns; these are the minimum needed to file Chapter 7. In the event the individual who wishes to declare Chapter 7 bankruptcy was a poor record keeper it can be difficult to find all this information. During this time the bankruptcy lawyer in Royal Palm Beach might be able to track down the collection agencies that have purchased the debt. It is important to have all the information pulled together before the actual filing so that any complications are eliminated.
Once the papers are actually filed with the court it takes a couple of months for a court date to be set. At this time, assuming all the paperwork is deemed correct and sufficient; the court will declare the individual to be bankrupt. At this time most debts are cancelled but there are some, student loans, court fees and recent taxes among them that are not cancelled and must be paid. At a bare minimum the process takes about a month but often takes longer. Although the bankruptcy may not yet be declared by the court, from the moment the individual hires a bankruptcy lawyer in Royal Palm Beach any calls from creditors can be turned over to the lawyer, this usually ends the harassment from the creditors.
If you are in debt over your head you may wish to hire a bankruptcy lawyer in Royal Palm Beach and declare Chapter 7 bankruptcy. If this is the case you are invited to contact the Law Offices of Sean I. Koplow.
