Fortunately, most consumer debtors’ assets are fully exempt under state or federal law and no assets are sold. When there are no assets to sell, the chapter 7 case is usually short and lasts approximately 3 months.
After filing a Chapter 7, Debtors will attend a meeting of creditors with their attorney. This meeting will occur 30 to 45 days after filing. Although the meeting with the Chapter 7 Trustee is called a “Meeting of Creditors,” creditors are unlikely to attend. However, creditors and other parties have 60 days following the conclusion of the meeting to object to a debtor’s discharge. If no objection is made, the Court can enter an order of discharge.
For more information about Chapter 7 Bankruptcy, be sure to see our Chapter 7 eBook.