how long after i go to attorney to file bankrupcy

by Elijah Stokes 6 min read

Typically, you should wait about 90 days. If you took out any cash advances, you should wait at least 70 days. Remember, depending on the type of credit card you charged, the creditor may have a purchase money security in the item purchased.

Full Answer

How long do I have to wait to file bankruptcy again?

Jan 27, 2012 · A bankruptcy is filed when a client, with advice and counseling from an experienced bankruptcy attorney, determines that this would be the best possible course of action. A bankruptcy completes in just about 4 months, from …

Do I need a lawyer to file bankruptcy?

May 20, 2020 · Take Bankruptcy Course 2. After filing your bankruptcy forms, you will need to complete a Debtor Education Course from an approved credit counseling agency. It can be completed online or by phone and typically takes at least 2 hours and costs between $10 - $50, unless you’re eligible for a waiver.

What happens after I file bankruptcy?

Feb 09, 2017 · This would depend on the particular circumstances of your case. If you provided all of the documents needed and you are looking at a Chapter 7, usually within a couple of days the papers could be prepared. Almost all bankruptcy attorneys use computer software which helps speed up the process.

How many times can you file bankruptcy?

Dec 27, 2011 · The safest thing would be to wait a year to file the bankruptcy case but that may not be necessary depending on the situation. You need to consult with a lawyer to determine the best course of action based on the amount charged and the items or services purchased.


How long does it take to prepare a bankruptcy petition?

A Chapter 7 bankruptcy can take four to six months to do, from the time you file to when you receive a final discharge – meaning you no longer have to repay your debt. Various factors shape how long it takes to complete your bankruptcy case. You will have to take care of some tasks before you file.

What type of debt Cannot be discharged through bankruptcy?

Other Non-Dischargeable Debts in Bankruptcy 401k loans. Other government debt such as fines and penalties. Restitution for criminal acts. Debt arising from fraud or false pretenses.Nov 2, 2020

How fast can you file Chapter 13?

A Chapter 13 case will have two required hearings, both a First Meeting of Creditors (or 341 hearing) and a confirmation hearing. If there are no objections during your hearings, the fastest you can go from filing to confirmation would be approximately three to four months.Oct 20, 2020

How long does it take to file Chapter 13 bankruptcy?

The Chapter 13 process The Chapter 13 filing process generally takes 95 days from the filing of the petition to the approval of the repayment plan. But the bankruptcy won't actually be discharged until the three- to five-year plan is completed.Oct 24, 2021

Does bankruptcy clear all debts?

Declaring bankruptcy won't wipe out all debts and some types of debt will survive the bankruptcy. In other words, if you declare yourself bankrupt, you will still be required to pay: court-ordered penalties and fines. ... unliquidated debt or damages.Mar 20, 2019

What are 5 types of debt that are not dischargeable in bankruptcy?

Nondischargeable debt is a type of debt that cannot be eliminated through a bankruptcy proceeding. Such debts include, but are not limited to, student loans; most federal, state, and local taxes; money borrowed on a credit card to pay those taxes; and child support and alimony.

What is the average credit score after Chapter 13?

The average credit score after bankruptcy is about 530, based on VantageScore data. In general, bankruptcy can cause a person's credit score to drop between 150 points and 240 points. You can check out WalletHub's credit score simulator to get a better idea of how much your score will change due to bankruptcy.Mar 25, 2021

Does Chapter 13 trustee check your bank account?

Chapter 13 Bankruptcy The trustee may conduct periodic reviews of your finances, including your business and personal bank accounts, to ensure you have sufficient cash to continue making payments as normal.

What happens after my last Chapter 13 payment?

After making your final chapter 13 payment, you will receive a discharge paper absolving you of the listed debt. However, even if you pay it off, bankruptcies stay on your credit report for 7 years (unless removed).

How much will my monthly payment be for Chapter 13?

Putting It All TogetherStart withYearly Income$40,000AddPriority Debt$5,000AddValue of Nonexempt assets$2,000Total to be paid during the Chapter 13 Plan$17,000Divide by60 months to determine monthly payment$2841 more row

Can I pay off my Chapter 13 bankruptcy early?

In most Chapter 13 bankruptcy cases, you cannot finish your Chapter 13 plan early unless you pay creditors in full. ... In fact, it's more likely that your monthly payment will increase because your creditors are entitled to all of your discretionary income for the duration of your three- to five-year repayment period.

What debts can be discharged in Chapter 13?

Debts dischargeable in a chapter 13, but not in chapter 7, include debts for willful and malicious injury to property, debts incurred to pay non-dischargeable tax obligations, and debts arising from property settlements in divorce or separation proceedings.

Time Limits Apply to Discharges, Not Filing

Bankruptcy law doesn’t set a minimum period that you must wait before filing for bankruptcy a second time. However, there’s a catch. If you file to...

Filing Under The Same Bankruptcy Chapter: Chapter 7 and Chapter 13

Here are the timeframes if you plan to file the same bankruptcy chapter that you filed the first time: 1. Successive Chapter 7 cases. You’ll have t...

Filing Under Different Chapters: The Order Matters

Here are the waiting periods when a second bankruptcy case is a different chapter than the one you received your first discharge in. 1. Chapter 13...

When A Second Filing Might Be Beneficial Even Without A Discharge

Sometimes you don’t need a discharge—you just need time to pay off a debt. For instance, suppose that you owed federal taxes that you couldn’t disc...

What If You Didn’T Receive A Discharge in The First Case?

In most situations, you can file again and receive a discharge in the second bankruptcy if you didn’t receive one in the first matter. But that’s n...

When is Chapter 7 discharged?

If you are filing in the U.S. Bankruptcy Court for the Central District of California (in Los Angeles), assuming all of your paperwork is in order, the earliest date that a Chapter 7 bankruptcy discharge will be entered on the case docket is shortly after the sixtieth (60th) day following the first date set for the 341 (a) Meeting of Creditors...

Is it normal to not want to file bankruptcy?

Not wanting to file bankruptcy is normal; it is not something that clients do with pleasure. A bankruptcy is filed when a client, with advice and counseling from an experienced bankruptcy attorney, determines that this would be the best possible course of action...

What is Chapter 7 bankruptcy?

Chapter 7 bankruptcy is a very effective tool for erasing credit card debt, medical debts, and most other unsecured debt. Although Chapter 7 is a liquidation bankruptcy, filers are able to keep all their property in more than 90% of all consumer bankruptcy cases in the United States.

How often can you file for bankruptcy?

You can file bankruptcy under Chapter 7 once every 8 years . Chapter 13 bankruptcy is another type of bankruptcy available to consumers. The main difference to Chapter 7 is that you pay back some of your debts through the Chapter 13 trustee. Your monthly payment is based on how much you’re able to pay.

When is a 341 meeting?

Your 341 meeting, or meeting of creditors, will take place about a month after your bankruptcy case is filed. You’ll find the date, time, and location of your 341 meeting on the notice you’ll get from the court a few days after filing bankruptcy. Due to the COVID-19 pandemic, all 341 meetings are held either by video conference or via telephone until at least October.

Does filing bankruptcy help?

First, you need to determine whether filing bankruptcy will help you. Bankruptcy is a powerful debt relief tool, but only if it makes sense for your financial situation. Filing any type of bankruptcy provides immediate debt relief through the automatic stay. That’s the law that prohibits creditors from contacting you as soon as your bankruptcy case has been filed. It also stops a wage garnishment right away.

What happens if you own a car that you still owe?

If you own a car that you still owe on, you’ll have to let the bank and the court know what you want to do with it one one of your bankruptcy forms.

How long does it take to rebuild credit after bankruptcy?

Either way, once granted permanent debt relief in the form of the bankruptcy discharge, most people are able to rebuild their credit score in less than one year. Collect Your Documents.

Can you file for bankruptcy if you have cosigners?

If you have any cosigners, they will not be protected by your personal bankruptcy. If you have great credit when your Chapter 7 bankruptcy is first filed, your credit score will likely drop a bit once the bankruptcy filing is reported to the credit bureaus.

How long does it take to file Chapter 7?

If you provided all of the documents needed and you are looking at a Chapter 7, usually within a couple of days the papers could be prepared. Almost all bankruptcy attorneys use computer software which helps speed up the process.

Is timing important in BK?

Timing is very important in BK. Once there is nothing holding up your case, he/she should file right away. However, if he/she waiting on certain things to fall off your timeline, go with that advice.

How long do you have to stop using credit cards?

You need to stop using credit cards for a least 90 days and maybe even make some minimum payments for 90 days. The safest thing would be to wait a year to file the bankruptcy case but that may not be necessary depending on the situation.

How long can you file for bankruptcy if you have a credit card?

There is a presumption that you committed fraud if you file within 90 days of using credit for luxury items or services. However, the creditor can go back one year if the creditor can prove that you never intended to pay for the luxury items or services charged. That's not hard to do if the person is unemployed or makes very little money and decides to buy a $3,000 TV or go to Las Vegas on vacation and not make any payments a few months before filing the bankruptcy case, particularly if that is unusual behavior for the person based ont the previous use of the credit card charged. You could be asked to pay back the amount charged (maybe including attorney's fee) or be sued in bankruptcy to have the court determine that the fraudulent charges are not dischargeable (and this is expensive to defend). If the amount is big enough you could even be denied a discharge which means you will never be able to get rid of those debts in the petition ever. There is even the potential for criminal charges. You need to stop using credit cards for a least 90 days and maybe even make some minimum payments for 90 days. The safest thing would be to wait a year to file the bankruptcy case but that may not be necessary depending on the situation. You need to consult with a lawyer to determine the best course of action based on the amount charged and the items or services purchased. Also, some creditors are more aggressive than others and a bankruptcy attorney knows who those creditors are based on experience.

How long do you have to wait to file a bankruptcy?

You would generally have to wait 90 days. If you attempt to discharge a debt that was incurred within 90 days of the filing, the creditor would challenge the filing.

How long do you have to wait to file bankruptcy again?

Unless the court orders otherwise, you can file again. A 180-day waiting period may apply if you failed to obey a court order or appear in the case, or you voluntarily dismissed the case after a creditor filed a motion for relief from the bankruptcy stay.

Can you file for Chapter 13 bankruptcy?

Rather than have your wages garnished, you could file for Chapter 13 bankruptcy and stretch out the payments over a five-year Chapter 13 bankruptcy payment plan. A similar approach is to file a Chapter 13 case immediately after receiving a Chapter 7 discharge (a procedure informally referred to as a Chapter 20 bankruptcy).

How long do you have to wait to file for Chapter 7?

If the court granted your first discharge under Chapter 13 bankruptcy, you'd need to wait six years (from the Chapter 13 bankruptcy filing date) before filing for a Chapter 7 discharge.

What is automatic stay in bankruptcy?

This is part of what is known as the automatic stay, which prevents creditors from taking any action against you once the bankruptcy case is filed. If you give them a case number, they will know you have actually filed and you will not hear from them again.

What is trustee in bankruptcy?

The trustee is a lawyer appointed by the bankruptcy court to administer your case. In addition to assigning a trustee, the court will also set a date for your court appearance about 4 to 5 weeks after the filing. This is called a creditors meeting. Your creditors receive notice of your filing and can come on this court date and ask you questions.

What to do if you can't find your social security number?

If you cannot find your social security card, you can go to the Social Security Administration and ask for a replacement. While you are there, ask them to issue a letter to verify your social security number. They will do this for you, but you have to ask.

How long does it take to get a discharge?

Unless there is some type of objection to your case, an extremely rare occurrence, you will be entitled to a discharge in 60 days. When the 60 days are up, the court will issue a discharge, which will be mailed to you and all of your creditors.

What is the job of a trustee?

The trustee’s job is to make sure your case was filed properly, that all of the necessary papers were filed, and to see if there are any assets that are not exempt that he should take control of and sell for the benefit of your creditors.

How long does it take to get a second counseling session?

This second counseling session must be completed within 45 days of your first court date, but can be done any time after the petition is first filed.

What happens if you file Chapter 13?

If you file a Chapter 13 bankruptcy petition and your case is confirmed, you have shown the court and the Trustee that you have sufficient income to pay your ongoing expenses and also repay your creditors in part. The money you make after the filing date should first be used to make your monthly plan payment to the Trustee. After that, your money is yours to do with as you please, up to a point: if you need to make a large purchase such as a car or a house, you might need the court’s permission. Consult with your attorney.

How long does it take to get Chapter 7?

Since Chapter 7 is over in four- to six-months, it might be better to wait until you receive your discharge before travelling for an extended period of time..

What happens if you file Chapter 7 bankruptcy?

If you file a Chapter 7 bankruptcy petition and it is a “no asset” case, your spending after filing should reflect what you stated on your schedules. If either your income or your expenses change considerably while still in Chapter 7, again, you should consult with your attorney.

What is the look back period for a trust?

The look back period also applies if you sell or give away any of your assets just prior to filing. The Trustee will ask you if you have done so, and has the power to “claw back” those assets if so. This includes transfers or cash to property to your friends or relatives.

How long does it take to file Chapter 7?

Most Chapter 7 cases take from four to six months to complete. It might take longer if any number of things happen, such as: you need to provide more information or documents. the bankruptcy trustee must sell property, or. you're involved in a bankruptcy-related lawsuit.

How long does it take for a Chapter 7 bankruptcy to close?

Most Chapter 7 cases are problem-free and close in approximately four months. The how long it will take your Chapter 7 case to progress through bankruptcy will vary depending on your local court. Here's what you can expect. Filing your paperwork. Your Chapter 7 bankruptcy case begins when you file the bankruptcy paperwork with the court.

How long does it take to get a 341 hearing?

The court will set a date for the one court appearance you'll be required to attend, called the 341 meeting of creditors hearing, between 20 and 40 days after you file, as well. At the hearing, the bankruptcy trustee will place you under oath and ask you a series of routine questions.

How long does it take to get discharged from 341?

You must complete it within 60 days of the first date set for the 341 meeting of creditors. Receiving your discharge.

How long does it take to get a bankruptcy discharge?

Assuming that everything goes according to schedule, you can expect to receive your bankruptcy discharge (the court order that wipes out your debts) about 60 days after your 341 meeting of creditors hearing, plus a few days for mailing.

What does Chapter 7 bankruptcy do?

A Chapter 7 bankruptcy lets you wipe out qualifying debt without paying into a repayment plan. You'll learn whether you qualify by passing the means test. You'll also get to keep the property you'll need to maintain your home and job. Things that you can't protect under your state's exemption statutes get sold.

Can you keep your retirement account in bankruptcy?

If bankruptcy might be inevitable, think twice before using retirement funds to pay bills. Most people can keep their retirement account in bankruptcy.