How long does the bankruptcy process take?

The length of time it takes to complete the bankruptcy process in Colorado depends on a few factors. First, the type of bankruptcy that is filed has an effect on the overall timeline. In general, the most common types of bankruptcies are Chapter 7 and Chapter 13. Chapter 7 bankruptcies are typically the quickest to complete, taking approximately 3-4 months from start to finish. During this time, the debtor will provide financial information to the trustee for review. Once the trustee has reviewed the submitted documents, they will decide if all or any of the debtor’s assets can be liquidated to pay back creditors. If liquidation is approved, the process will wrap up in approximately 45-60 days. Meanwhile, Chapter 13 bankruptcies typically take 3-5 years to complete. In a Chapter 13 bankruptcy, the debtor will be required to submit a repayment plan to the court, which the court will then review. If the plan is approved, the debtor will then make payments to the trustee on a regular basis while the trustee distributes money to creditors based on the repayment plan. Upon successful completion of the payment plan, the remaining unpaid debts will be discharged. In summary, how long the bankruptcy process takes in Colorado depends on the type of bankruptcy filed and the repayment plan submitted. Generally speaking, a Chapter 7 bankruptcy will take 3-4 months, while a Chapter 13 bankruptcy may take up to 5 years.

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How long does the bankruptcy process take?

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