The amount of time a bankruptcy case takes from beginning to end is dependent on which chapter of bankruptcy you’ve filed for, and your unique circumstances that can either hasten or delay proceedings. Generally, Chapter 7 bankruptcy takes less time than Chapter 13 bankruptcies, which can be quite complex. Business owners filing for Chapter 11 will also undergo a fairly complex process, but usually tie up their lose ends faster than Chapter 13 cases.
Many considerations go into play when one considers bankruptcy as an option for getting out from under the oppressive weight of debt. One of the biggest considerations is how it affects credit scores, because your score has never been more important than it is today.
Credit scores can determine the cost of future purchases. For instance, lenders and insurance agents will look at your score and determine what they can offer you, and if you’ve filed for bankruptcy, you’re not going to get the kind of deal a person with better credit scores can achieve. Credit scores are important when buying a house, obviously, but they also matter to property management as you apply to live in an apartment or condominium. Finally, credit scores can even come into play when you apply for a job, particularly if the position is in finance.