Upon filing, the Court enters an order called the Automatic Stay which requires your creditors to stop all collection activity. Bankruptcy stops foreclosures, repossessions, lawsuits, phone calls and letters.
Once the Trustee has concluded the meeting, Chapter 7 debtors are done. They must wait for all deadlines to run before the discharge order is entered and the case is closed, but their involvement is complete. Chapter 7 bankruptcy takes 3-5 months from filing to discharge.
Chapter 13 debtors remain protected by the Court while they make their payments. Upon the debtor’s successful completion of the payment plan, the Court will enter the discharge order and close the case. Chapter 13 bankruptcy takes 3-5 years.