How Long Does It Take To Lose A House Through Bankruptcy Proceedings?
How long does it take to lose a house through bankruptcy proceedings? 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 B...