A long-standing quantum-mechanical puzzle is whether the collapse of the wave function is a real physical process or simply an epiphenomenon. This puzzle lies at the heart of the measurement problem. One way to choose between the alternatives is to assume that one or the other is correct and attempt to draw physical, observable consequences which then could be empirically verified or ruled out.As a working hypothesis, we propose simple models of collapse as a real physical process for direct binary symmetric measurements made on one particle. This allows one to construct irreversible unstable Schrödinger equations capable of describing continuously the process of collapse induced by the interaction of the quantum system with the measuring device. Due to unknown initial conditions the collapse outcome remains unpredictable so no contradictions with quantum mechanics arise.Our theoretical framework predicts a finite time-scale of the collapse and links with experiment.Sensitive probes of the collapse dynamics could be done using Bose-Einstein condensates, ultracold neutrons or ultrafast optics. If confirmed, the formulation could be relevant to the transition from quantum fluctuations to classical inhomogeneities in early cosmology and to establishing the ultimate limits on the speed of quantum computation and information processing.