Time Frame

• It takes up to eight months for debts to be legally discharged through Chapter 7 bankruptcy, and two to five years to complete a Chapter 13 repayment plan and receive a formal debt discharge.
  
  

How it Works

• A bankruptcy discharge permanently bars creditors from contacting or suing a debtor, seizing property, or otherwise trying to collect a debt.
  
  

Exceptions

• Certain debts cannot be discharged through bankruptcy. These include most government-issued student loans, taxes less than three years old, child support and alimony, and court fines.
  
  

Lawsuits

• Almost all lawsuits can be discharged through bankruptcy, except for those which result from drunk driving .
  
  

Cost

• As of 2009, receiving a bankruptcy discharge, costs $274 for Chapter 13 restructuring cases, and $299 for Chapter 7 debt forgiveness.