0
Bad credit is not the only disadvantage to filing for bankruptcy. The most obvious disadvantage of filing for bankruptcy is that it will ruin your credit for at least 7-10 years. Some other disadvantages include:
* Losing credit cards
* Losing non-essential possessions
* Inability to obtain a mortgage for some time
* Embarrassment
* Not all debt will be discharged
Wiki User
∙ 14y ago
Wiki User
∙ 9y agoBankruptcy lasts on your credit record for 7 to 10 years. You can re file a Chapter 7 after it has been 8 years. You can file a different chapter after it has been four years.
Wiki User
∙ 15y agoAs long as your case is active.
However, creditors can ask for the stay to be lifted for them.
Add your answer:
Earn +20 pts
Who files papers with the court house to take a lien off a property after a bankruptcy court discharges what you owe on the lien?
Your bankruptcy lawyer.
What happens to the garnishments after you filed bankruptcy?
If they were ordered by the court (i.e.: child support - back taxes - etc) you must still honor them, bankruptcy will not do away with court ordered liens. . Liens placed by private persons or businesses will have to take their place in your long line of creditors. As soon as you file, you take the papers from the bankruptcy court showing that you filed to your employer and the garnishment will stop. There are some exceptions to this.
Will the bankruptcy court take a tax refund in Montana?
Yes.
Can bankruptcy court take taxes after dismisal?
Most taxes are not discharged in bankruptcy.If the amount of your tax liabilities is not clear, the bankruptcy court cam decide how much you owe; you need not go to tax court for that.
How does a person file for chapter 11 bankruptcy?
To file chapter 11 bankruptcy one must propose a plan and then must find creditors to agree with this plan. Then, the person must take the plan and creditors to bankruptcy court where the judge will decide whether the plan can work or not. As long as the judge and all the creditors agree then that person can follow through with the plan and be in chapter 11 bankruptcy.
Will the bankruptcy court take a lawsuite settlement?
It depends on the specific circumstances of your bankruptcy case and the laws in your jurisdiction. In some cases, lawsuit settlements may be considered part of the bankruptcy estate and subject to distribution to creditors. It's best to consult with a bankruptcy attorney for guidance tailored to your situation.
How long after filing bankruptcy can you take out a loan?
Once a BK has been accepted by the court, there can be no financial activity such as loans without the approval of the BK trustee, and that simply will not happen.
How long does it take for the judge to rule after filing for a motion to ensure new debt?
There is no definitive answer in how long any court decision takes. It is dependent on caseload, details of the filing, some are simple, many are not, and so on. Many states have a large backlog of civil cases including bankruptcy. Although bankruptcy cases are usually cut and dried and they get through them quickly, the average creditor meeting is seven minutes.
Will the bankruptcy court take a tax refund in Colorado?
Yes unless it is Earned Income Credit.
How long does a DNA test take through an Ontario court?
Through the Ontario court system, it can take up to 6 weeks to get a DNA test back. Usually they come in within 3 weeks though.
How long can a company stay in bankruptcy proceedings?
There is no timeframe. Some take years. Some creditors can file suit in the bankruptcy court to protect claims if need be. This is normally used on items such as cars that go down in value over time and are secured claims.
Can you sell your property in bankruptcy and what happens to the funds of the sale?
Yes you can sale your home but the bankruptcy court will take the proceeds from the sale and disburse them to your creditors that you owe. No, everything except your selected exempt property belongs to the bankruptcy estate, as of the moment you file, and it can only be sold by the bankruptcy trustee, with permission of the court, to satisfy your debts in an orderly fashion.
