How long does the bankruptcy process take?

The length of time it takes to complete the bankruptcy process in Oklahoma is different for each individual situation. Generally speaking, the process can take anywhere from three to five months to complete. It is important to remember that the timeframe for the process can be affected by multiple factors, such as the complexity of the case and the speed with which a trustee is assigned to the case. In Oklahoma, individuals who file for bankruptcy must complete two court-required credit counseling sessions. These must be completed either on-site or online before the bankruptcy petition is approved by the court. Then, they must submit their petition and other required documents to the court. After the court reviews and approves the bankruptcy petition, the filing is mailed to the creditors. Following the submission of the bankruptcy petition, a meeting of creditors is scheduled and arranged by the trustee assigned to the case. This meeting typically takes place about 30 days after filing. During the meeting, the debtor and creditors discuss the debt and repayment plans. The creditors can bring any relevant documents and evidence and ask questions to the debtor. After this meeting, the trustee decides whether or not to approve the debtor’s repayment plan. Once the repayment plan is approved, it is sent to the court for confirmation. This confirmation process usually takes a few weeks. Once the payment plan is approved by the court, the debtor makes payments to the trustee as agreed upon. After the debtor has made all the payments, the court closes the case and discharges the remaining debt. This is the completion of the bankruptcy process.

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