While bankruptcy allows individuals a chance to rebuild their credit and start on new ground financially, this action is not for everyone. There are many distinct factors that can affect a bankruptcy and influence how long the process ultimately takes. This article will list some of the various factors that can influence how long a person’s bankruptcy process will take.

Factor #1: The Number and Value of Assets a Person has

In some cases, a person might have a great number of assets that the person wishes to save, while in other cases, a person might declare bankruptcy because the individual has fallen into debt. Generally, the greater and more valuable the assets that a person has, the longer that person’s bankruptcy process will take.

Factor #2: Chapter 7 Bankruptcy Resolves Faster Than Other Types of Bankruptcy

In many cases, Chapter 7 bankruptcy lasts between three to four months. Frequently this process will involving obtaining an experienced bankruptcy attorney, filing an issue with the court, and liquidating a person’s nonexempt assets. While Chapter 7 bankruptcy is good for many individuals, a person is at risk of losing many of his or her assets in the process. The advantage of Chapter 7 bankruptcy is that individuals are frequently able to eliminate their debt. In many cases, a seasoned bankruptcy attorney will be able to better assess how long a person’s bankruptcy process will take based on the person’s income, amount of assets, and debt.

Factor #3: Chapter 13 Bankruptcy Takes Much Longer Than Other Types of Bankruptcy

Chapter 13 bankruptcy often takes much longer than Chapter 7 bankruptcy and last for three to five years. In this process, a person will hire an attorney, file with the court, and create a plan to pay back debt over an established period of time. Provided that a person is able to meet the payment requirements of this process, the individual will be able to place him or herself in a much better financial position. If an adversary disagrees with a person’s repayment plan under Chapter 13 bankruptcy, the length of the bankruptcy process can extend greatly.

Factor #4: The Presence of Roadblocks in Your Bankruptcy Process

There are several distinct elements that can affect the length of a person’s bankruptcy. If a creditor disagrees with a debt that a person has listed for discharge, this creditor could initiate a legal proceeding against an individual and greatly extend the length of the bankruptcy process. Creditors are also known to initiate an adverse lawsuit against an individual if the adversary believes that a person has violated the bankruptcy code in any way.

Obtain the Assistance of an Experienced Oklahoma Bankruptcy Attorney

After the bankruptcy process, bankruptcy will remain on a person’s credit report for 10 years, which can greatly limit a person’s financial opportunities during that time. A seasoned bankruptcy attorney who is committed to his or her clients will help individuals beyond issues related to courts of law but will also be able to help individuals with a variety of other issues that can arise during the bankruptcy process. Contact attorney Jim A Lyon today.