How long does it take to file for Chapter 11 bankruptcy?

Filing for Chapter 11 bankruptcy in New York will start a legal process that can take several months to complete. After a debtor contacts a lawyer, the lawyer will assist in preparing the necessary bankruptcy documents and filing the case in the correct court. Once the case is filed, the court will set a date for a meeting of creditors, typically within 60 days. This meeting may be attended by the debtor, creditors, and the court-appointed Trustee. After this hearing, the creditors must vote to approve or reject the plan. If they approve it, the Bankruptcy Court must also sign off on the plan. This process may take several months depending on the complexity of the case, so it is important to consider the timeline when deciding to file for Chapter 11 bankruptcy. In some cases, the court may need to appoint a mediator or hold a hearing in order to resolve disputes. Additionally, if the creditors are not in agreement with the proposed plan, it may take months or even years for the court to approve a compromise. At the end of the process, the court will issue an order that either confirms or denies the plan. Depending on the complexity of the case, the entire process of filing a Chapter 11 bankruptcy in New York can take anywhere from 3 to 18 months. It is important to consult with a lawyer to understand the timeline of filing for bankruptcy in New York.

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