How Long Does It Take To Lose A House Through Bankruptcy Proceedings?

How long does it take to lose a house through bankruptcy proceedings?

Profile photo for Min Austria
Min Austria
Assistant at Ascent Law LLC

When you file for Chapter 7 bankruptcy, the Bankruptcy Trustee will sell off your assets and use the money to pay off some of your debt. Depending on how much property you have, it can take a while to wrap up your affairs. In order to get a quick idea of how long it takes to lose a house through bankruptcy proceedings, we looked at statistics from 2006-2010 on the average length of time it takes for the sale of assets in Chapter 7 cases.

36% of bankruptcies were liquidated in less than one year.
47% of bankruptcies were liquidated in 1-2 years
17% of bankruptcies were liquidated in 2-3 years
5% of bankruptcies took more than 3 years to complete

If you have any questions or need a Real Estate Bankruptcy Lawyer, please call this law firm for a free consultation.

Ascent Law LLC

8833 S Redwood Road Suite C

West Jordan UT 84088

(801) 676-5506

Utah Lawyer for Divorce Business Bankruptcy Probate Estates
Ascent Law helps you in divorce, bankruptcy, probate, business or criminal cases in Utah, call 801-676-5506 for a free consultation today. We want to help you.
https://www.ascentlawfirm.com

Location: Washington, UT, USA

Popular posts from this blog

How Long Does A Personal Injury Claim Take To Go To Court?

Image
How long does a personal injury claim take to go to court? Min Austria Assistant at Ascent Law LLC Injuries can take a while to recover from—some of them can make it difficult or impossible to work for months. This is why it's important to know what happens when you file a personal injury claim. Your case will progress through several stages before going to court. The time between each stage depends on the complexity of your case, but it's also influenced by how much pressure you're willing to put on the other side. Each stage builds on the one before it—if there are problems at any point, your claim may be dismissed, and you'll start over at Step 1. If you have any questions or need a  Personal Injury Lawyer , please call this law firm for a free consultation. Ascent Law LLC 8833 S Redwood Road Suite C West Jordan UT 84088 (801) 676-5506 Utah Lawyer for Divorce Business Bankruptcy Probate Estates Ascent Law helps you in divorce, bankruptcy, probate, business or crimina...
Read more

How does child custody work in a divorce?

Image
How does child custody work in a divorce? In a divorce, child custody is the legal arrangement to care for and control the couple's minor children. When parents divorce, they must come to an agreement on who will have custody of their children and how much time the other parent will be allowed to spend with the children. Types of Child Custody There are two main types of child custody: legal custody and physical custody. Legal custody refers to the right to decide about the child's upbringing, such as education, healthcare, and religious upbringing. In most cases, parents are awarded joint legal custody, meaning they must consult each other and make decisions together. On the other hand, physical custody refers to where the child will live and who will be responsible for their care daily. In some cases, one parent may be awarded primary physical custody while the other parent is granted visitation rights. In other cases, parents may agree to shared physical custody, in which th...
Read more

Is joining a debt management program the same as filing for bankruptcy?

Image
Is joining a debt management program the same as filing for bankruptcy? Min Austria Assistant at Ascent Law LLC Debt management programs (DMPs) are a way to consolidate your debt and make one monthly payment each month. They’re often seen as a last-ditch effort to pay off debt before filing for bankruptcy. So are they the same? Not exactly. Both involve paying off your debts over time, but filing for bankruptcy can also erase some of your existing debt and give you a fresh financial start with a clean slate. A DMP is an option if you have good credit, and you can afford to make at least the minimum payments on all of your debts. A DMP will stop creditors from calling you and coming after you for nonpayment of your bills, but it won’t erase any of your debt—you’ll still owe it all back once the program is over. Payoff programs work with the creditors on your debt, and they negotiate with them to lower the interest rates on your accounts or extend their terms so you can pay them off at a...
Read more