How long does bankruptcy last?

The answer to this question is, it depends. A number of factors are used to determine the answer to this question.

  • Is this a first time bankruptcy?
  • Is the individual’s monthly net income above the monthly surplus income guidelines?

A first time bankrupt, without surplus income, would be eligible to be discharged from bankruptcy nine months plus a day from the start of the bankruptcy.
A Second time bankrupt, without surplus income, would be eligible to be discharged from bankruptcy twenty-four months plus a day from the start of the bankruptcy.

To discuss your situation or to understand how surplus income could change the above time lines please contact Allan Marshall & Associates Inc.