The Length of the Bankruptcy Process in Ohio

The length of the bankruptcy process in Ohio for Chapter 7 is about four months, while the length for Chapter 13 is three to five years.

You’re thinking about filing for bankruptcy in Ohio, but you don’t want it to eat up all of your time. Now, you’re wondering: how long is the bankruptcy process?

Depending on which type of bankruptcy you file for, Chapter 7 or Chapter 13, it could take a few months at the very least to up to five years. Learn more about how each type of bankruptcy works and how long you can expect them to last.

The Length of the Chapter 7 Bankruptcy Process

When you file for Chapter 7 bankruptcy, also called liquidation bankruptcy, you’ll have to turn over many of your assets in order to pay your debts. You’ll file for bankruptcy if you don’t have the means to pay for your debts. Some assets, like the home you live in and your car, are exempt. Other exemptions exist, so you don’t need to worry about having everything taken from you.

Typically, it will take about four months to file for bankruptcy, which includes applying for it, turning in the required information, paying a filing fee, and taking a credit counseling course. You will be debt-free from any dischargeable debts, including credit cards, personal loans, and medical bills. However, you will not be able to discharge student loans, alimony, child support, or taxes you owe to the government.

It will take up to 10 years for the Chapter 7 bankruptcy to be erased from your credit report. During this time, you won’t be able to take out new loans or lines of credit. But in the end, your credit score will go up, and you’ll get back on track and have a new beginning.

The Length of the Chapter 13 Bankruptcy Process

When you file for Chapter 13 bankruptcy, also called a wage earner’s plan or a repayment plan, you make a plan to pay back all or most of your debt to your creditors. You will need to make a plan to repay your creditors, go to credit counseling, file the petition, pay the filing fee, and list your property, its value, and your exemptions.

It will take three to five years for you to pay off your debts under Chapter 13. Then, once you’ve finished, it will take up to seven years for it to be erased from your credit report. Keep in mind that it could take less time for you to get back on track with your score, which is why it’s important to monitor it through free services like Experian and TransUnion.

Like with Chapter 7, you will see your credit score go up as you become more responsible with your credit. Just make sure that after those seven years are up, you continue to be financially responsible, and you don’t go back to square one.

By working with an Ohio bankruptcy attorney, you can determine which type of bankruptcy is right for you and file for it ASAP. You won’t have to be burdened by your debt anymore and can gain financial peace of mind as you forge a new path for yourself. Make sure you get in touch with an experienced attorney who can guide you.

Get in Touch With Richard P. Arthur

Richard P. Arthur, Attorney at Law, can help you file for Chapter 7 or Chapter 13 bankruptcy and get a fresh start. You can call 937-254-3738 for a consultation. He has more than three decades of experience helping clients in Dayton and Trotwood, as well as Montgomery, Greene, Miami, Clark, and Warren counties.