how long after i go to attorney to file bankruptcy

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?

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.

What happens after I 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.

Do I need a lawyer to file bankruptcy?

After you file, the court will notify your creditors that all collection activities against you must stop. 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 a Chapter 7 bankruptcy case take?

Here are the timeframes if you plan to file the same bankruptcy chapter that you filed the first time: Successive Chapter 7 cases. You'll have to wait eight years after the first Chapter 7 case filing date before filing the second case. Successive Chapter 13 cases. Two years must elapse between filing dates before you'll be entitled to receive a second Chapter 13 discharge. Filing …

How long does it take after you file bankruptcies?

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.

How fast can you file for Chapter 13?

You can file for Chapter 13 before four years if no debts were discharged in the Chapter 7 filing, but if you had debts discharged in Chapter 7 and want to have debts discharged in Chapter 13, you must wait four years.Aug 17, 2021

What type of debt Cannot be discharged through bankruptcy?

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.

How long does a Chapter 13 bankruptcy take?

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 Chapter 13 trustee check your bank account?

Does Chapter 13 Trustee Check Your Bank Account? Yes, it's highly likely that your appointed trustee will check both your personal bank accounts and any business-related bank accounts which you may have under your name.

What happens if I get a credit card while in Chapter 13?

A stipulation in Chapter 13 bankruptcy law states that you, as a debtor, are not allowed to increase any debt without receiving the permission of your bankruptcy trustee. If you do apply for a credit card, your bankruptcy payment plan will be canceled and the bankruptcy proceedings will be stopped.Jun 26, 2018

What do you lose if you declare bankruptcy?

Filing Chapter 7 bankruptcy wipes out most types of debt, including credit card debt, medical bills, and personal loans. Your obligation to pay these types of unsecured debt is eliminated when the bankruptcy court grants you a bankruptcy discharge.Dec 12, 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.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.

Is Chapter 7 or 13 worse?

Chapter 7 bankruptcy is faster and cheaper than Chapter 13 bankruptcy, but it's not the best option for everyone. Bankruptcy is one of the fastest and most effective ways to find debt relief. Most consumers who follow this path will file for Chapter 7 bankruptcy or Chapter 13 bankruptcy.

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

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.

How Does Chapter 7 Bankruptcy Work?

In Chapter 7 bankruptcy you can wipe out most of your nonpriority, unsecured debts, such as credit card balances, personal loans, and medical bills...

When Does The Chapter 7 Bankruptcy Process Start?

Your Chapter 7 bankruptcy case begins when you file the bankruptcy petition and schedules with the bankruptcy court. The documents provide details...

Attending The 341 Meeting of Creditors Hearing

After you file the petition, the court will notify your creditors that all collection activities against you must stop. The court will set the date...

Filing Your Financial Management Course Completion Certificate

Once you receive the notice of your 341 meeting of creditors, you’re free to complete your financial management course—the second of the two course...

When Your Chapter 7 Case Might Take Longer

Even though most cases are over in less than five months, it isn’t always the case. Here are a few common situations that could cause your Chapter...

How long does it take to pay bankruptcy fees?

The entire fee is due within 120 days after filing. If the bankruptcy court approves your application, it will grant an Order Approving Payment of Filing Fee in Installments. Your installment payment due dates will be in that order. You must pay all installments on time or your case is at risk of being dismissed.

What happens after a bankruptcy?

After the court grants a discharge, most unsecured debts are erased. Credit scores improve because there are no more missed payments and discharged accounts show a zero balance. After Chapter 7 and Chapter 13 bankruptcy is filed, you will get credit card offers in the mail.

What happens when you file Chapter 7?

As soon as you file your Chapter 7 bankruptcy, you are given a case number and a bankruptcy trustee is assigned to your case. The bankruptcy trustee will oversee your bankruptcy filing, will review your bankruptcy forms, and may ask for additional documents to verify your information.

How long does a Chapter 13 bankruptcy stay on your credit report?

A completed Chapter 13 bankruptcy stays on your credit report for 7 years after the filing date, or 10 years if the case was not completed to discharge . As a result, filing bankruptcy will initially lower your credit score. How much your credit score will drop depends on how high or low it was before bankruptcy.

Can creditors call you after filing bankruptcy?

After you file for bankruptcy protection, your creditors can't call you, or try to collect payment from you for medical bills, credit card debts, personal loans, unsecured debts, or other types of debt. Wage garnishments must also stop immediately after filing for personal bankruptcy.

How many points can you get from bankruptcy?

Generally, a decrease between 100 to 200 points can be expected. The good news is that you can begin rebuilding your credit as soon as your bankruptcy discharge is entered. It's possible to have a better score within 1–2 years of filing.

Can you reaffirm a car loan after bankruptcy?

You can reaffirm the debt, keep your vehicle, and continue making payments. This means the debt will not be discharged and you will continue making monthly payments during and after bankruptcy. If you miss future payments the lender will have the right to repossess the vehicle and possibly try to collect on any deficiency between the balance you owe and the amount they get when selling the vehicle.

How long do you have to take credit counseling before filing for bankruptcy?

Take Credit Counseling. Every person who files for bankruptcy has to take a credit counseling course in the 6 months before their bankruptcy petition is filed with the court. This is a requirement in both Chapter 7 and Chapter 13 cases.

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.

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.

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.

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 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.

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 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 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.

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.

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.

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.

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).

What happens to your property after bankruptcy?

You Expect a Windfall. Any property you own or money you expect to receive will be property of your bankruptcy estate after you file a bankruptcy case. To protect your property, you have to claim exemptions, which are available under either federal or state law.

What is means test in bankruptcy?

The bankruptcy means test is a form that uses your income over the past six months to determine important issues, such as whether you qualify for Chapter 7, how long your Chapter 13 plan must be and how much you must pay into the Chapter 13 plan. Because the means test is a calculation of your average gross income over the six-month period prior ...

What is preferred creditor?

A preference occurs when, within a certain time period before filing bankruptcy, while you are insolvent, you pay more than $600 in aggregate to one creditor and put that creditor in a better position than other creditors (you are "preferring" one creditor over another).

Can you file bankruptcy to modify a mortgage?

If you're working with your mortgage lender to modify your home mortgage, you may want to wait to file bankruptcy to see if the modification pans out. Bankruptcy will typically cause mortgage lenders to back out of loan modification programs and foreclose unless you file a Chapter 13 and propose to cure the payment arrears.

Can an attorney text you?

Attorneys have the option, but are not required, to send text messages to you. You will receive up to 2 messages per week from Martindale-Nolo. Frequency from attorney may vary. Message and data rates may apply. Your number will be held in accordance with our Privacy Policy.

Can you give away property and receive nothing?

Giving away property or transferring money and receiving nothing in return within two years prior to filing bankruptcy may be viewed unfavorably, regardless of your intentions when you did so. This is called a fraudulent transfer, and although the name implies an intent to defraud, you do not need the intent.

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 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 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.

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.

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 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.

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 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.

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 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.

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.