You can be debt-free in 5-6 months with a Chapter 7 bankruptcy.
For many people who have been struggling with debt for a long time – often for years – it can come as a shock that complete relief from debt can come in such a short period of time. From the time bankruptcy is filed until the process is complete takes, in most cases, just four months.
- From the time you file, creditors will know they can no longer contact you. If they do, tell them to call your lawyer. No more creditor phone calls.
- Wage garnishments,foreclosures and repossessions are stopped when bankruptcy is filed.
- In many cases, you can keep your home. Bankruptcy is a federal law, but each state has a limit on how much equity is safe from bankruptcy. With many homes “under water,” there is no equity.
- When the bankruptcy is final, you can continue to pay on and keep your home and car in most cases.
- Without the burden of unsecured debt – medical bills, credit card bills and other debt – within four months you will have the opportunity for a fresh financial start.