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The Chapter 7 bankruptcy process takes 3-4 months to complete. The process includes initial filing, any necessary court hearings and negotiations with creditors and lenders, and the liquidation process. The bankruptcy filing will help determine which assets are exempt from sale and will also set the terms for discharging leftover unsecured debt.
Secured debt is any debt that is attached to real property (which the lender can repossess if the debtor cannot provide payment). For instance, if you still owe money on your car, that’s secured debt. The most common forms of secured debt are car loans and mortgages. Unsecured debt is unattached to property, such as credit card debt, medical debt, and more.
Chapter 7 bankruptcies will stay on your credit report for roughly 10 years. Consumers are sometimes penalized for having bankruptcies on their record, but late payments are just as damaging—and bankruptcies provide benefits beyond your credit report. More importantly, bankruptcy gives you the freedom to rebuild your credit and stay on top of your payments.
Kevin Ryan is a graduate of the College of Wooster and the Cleveland Marshall College of Law. He is admitted to practice before all Alabama State Courts, the United States District Court for the Southern District of Alabama, and the United States Bankruptcy Court for the Southern District of Alabama.
Since 1998, Attorney Ryan has represented thousands of clients. He focuses his practice primarily on consumer bankruptcy matters under Chapter 7 and Chapter 13 of the United States Bankruptcy Code. He also handles matters such as bankruptcy litigation, appellate work, or involvement in civil lawsuits is needed by a client.
