Chapter 7 bankruptcy takes approximately 4 - 5 months if you do not have any assets that the trustee wants to sell and there are no other issues (e.g., an adversary proceeding to determine non-dischargeability of certain debt). Chapter 13 bankruptcy takes either 3 or 5 years depending on your income. If your gross income during last 6 months is less than median income in the state where you live, your Chapter 13 will take 3 years. If your gross income for last 6 months is above the median income in the state where you live, your Chapter 13 will take 5 years. The median income in Arizona for 1 person is $42,603.00, for a two-person household is $55,404.00, for a three-person household is $59,659.00 and for a four-person household is $67,113.00. Chapter 11 bankruptcy takes usually a few years depending on the circumstances of the case. Call us today for more information!
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