How long does it take for the bankruptcy filing to be finalized?

The length of time it takes for a Chapter 7 bankruptcy filing to be finalized in Massachusetts depends on several factors. Generally, the process can take between 4-5 months from the start of filing to discharge of debts. The timeline of a Chapter 7 bankruptcy case in Massachusetts begins with the filing of the petition and schedules. These documents formally begin the bankruptcy case and must be filed with the bankruptcy court. The court then sends a notice to all creditors listed in the paperwork. Once the notice is received, the “automatic stay” begins, preventing creditors from attempting to collect on debts. After the filing, a trustee appointed by the court will review the petition and schedules and organize a meeting of creditors. The trustee’s role is to examine the debtor’s assets to determine if any of these assets can be used to pay creditors. During the meeting of creditors, the debtor must answer questions about their financial situation. The trustee then has a certain period of time to file a report on the debtor’s assets. The court has the right to review this report and decide if assets can be sold to pay creditors. If the court finds that there are assets to be sold, it will schedule a hearing in which creditors can submit claims. This process can take up to two months. Then, up to two months later, the court reviews these claims and decides which ones to approve. Once the court approves the claims and makes a final decision, the debt is “discharged,” meaning the debtor is no longer obligated to pay them. The entire process, from filing of the petition to discharge of the debt, typically takes between 4-5 months.

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How long does it take for the bankruptcy filing to be finalized?

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