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The Final Decree
The final decree is the last step before a Chapter 7 bankruptcy case is complete. While each case is unique, many cases follow a scheduled timeline, depending upon whether there are assets present.
Final Decree (in a no-asset case): Approximately 100 days after filing, the final decree closes the bankruptcy case. The trustee is relieved from his or her duties and the case is closed in the system.
Final Decree (in an asset case): In this case, a Chapter 7 trustee administers assets anywhere from 12 months to years after filing. The trustee has to liquidate all non-exempt assets, and files a final report. The trustee can then prepare a report detailing final distribution, and the final decree will be entered around 25 days later.
