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

In North Carolina, the process of filing for and obtaining a Chapter 7 Bankruptcy can take anywhere from four months to six months to be finalized. The process begins when an individual files a petition along with several other documents with the bankruptcy court. After filing the paperwork, a trustee is appointed to review the case and review the individual’s financial information. The trustee has the power to liquidate some of the individual’s assets to pay off creditors. The individual must then attend a meeting of creditors, which is similar to an informal hearing. The individual will answer questions from the trustee and creditors about their financial situation and is also asked to provide any additional documents that may be needed. After the meeting of creditors is completed, a discharge hearing is held to decide whether to grant the individual a discharge of all debts in the bankruptcy case. This hearing can take anywhere from four to six months to be completed. Once the discharge is granted, the individual is not financially responsible for any of the debts on the bankruptcy filing and the case is considered finalized.

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

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