Waiting time
First of all thank you for keeping this site alive for all of us…My question is related to the waiting time prior to enter into bankruptcy – let`s say that I decided to go bankrupt for my debts – how long would it take the whole process – I mean from the moment when you speak to the trustee until you are actually bankrupt?
Posted from: Quebec
If you have all of the required information ready for your trustee then you may file bankruptcy in as little as 2 hours, but we generally don’t recommend this.
The normal process is to go and meet with a trustee so that they may assess your situation and describe to you the various options, including bankruptcy, to deal with your debts. Then most people think about it for a couple of days before they bring their paperwork back to the trustee in order to file. Again, the trustee usually has you wait another day or two just to be certain and then will have you in to actually sign the required documents.
The process is not complicated, but you can’t be a “little bit bankrupt” so most trustees don’t let people rush into it.