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Is there a period of time after filing for bankruptcy you should wait for income that isn't affected?
Wiki User
∙ 15y ago
In a chapter 7, no post petition income constitutes property of the bankruptcy estate. So to answer, no. In a chapter 13 or 11, all post petition income constitutes property of the estate.
Wiki User
∙ 15y ago
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How long after a chapter 7 bankruptcy can someone get a car lease?
You can get a car lease immediately after filing for Chapter 7 bankruptcy. Since it would be a post-petition debt, there is no waiting period provided that you qualify income wise. Some lenders may require you to have a discharge, however, it is not required under the law to lease post-filing.
Can you file a chapter 7 bankruptcy and a chapter 13 bankruptcy?
not at the same time, and you'll have to wait a certain period of time after being dismissed/discharged from one before filing the other.
What is the preference period on bankruptcy?
A preference period is based on the relationship that a debtor has with a creditor. The debtor cannot transfer money to non-insider creditors during a 90 day period before filing for bankruptcy. The preference period for transfers made to insider creditors can be increased up to one year.
When can you open a bank account after being declared bankrupt?
You can open a bank account immediately after filing for bankruptcy. There really is no waiting period.
What is the waiting period for purchasing a home after filing bankruptcy if a mortgage was included?
There is no specific waiting period. You can purchase a home as soon as you reestablish your credit to the satisfaction of any proposed lender.
Can you file bankruptcy and still get an insurance license?
ask your series 24 or 26 principal at work. I was able to apply for the series 6 after filing bankruptcy, so you should be able.
Provisions of the 2005 Bankruptcy Act?
In October 2005, President George W. Bush passed the Bankruptcy Abuse and Consumer Protections act that made it more difficult for consumers to have debts discharged through bankruptcy. This affected both Chapter 7 and Chapter 13 bankruptcy, the two types most often filed by individual debtors.Specific Changes in Bankruptcy QualificationChapter 7 bankruptcy eliminates most consumer debts, with the exception of government student loans, overdue taxes, alimony and child support. In order to qualify for Chapter 7, your personal income must fall below the median income in your state of residence. The purpose of this means test is to determine if you have at least $100 a month available to repay creditors. If your income is lower than your state median, you must produce a list of your current debts, monthly expenses and income. Both your income and your debts will be evaluated for the six- month period immediately preceding your bankruptcy filing. You must present your previous year's tax return and paystubs as proof of your income.If you do not pass the means test, you are ineligible to file for Chapter 7 bankruptcy. However, you may still be eligible to file Chapter 13, which is a modified repayment plan for your creditors. Under the laws of Chapter 13, you have up to five years to repay your creditors based on a repayment schedule determined by a bankruptcy trustee. The amounts you are required to pay are determined from an expenses to income formula used by the bankruptcy court.Another change brought about by the bankruptcy reform laws is the requirement for credit counseling prior to your bankruptcy being discharged. Your bankruptcy lawyer will provide you with a list of approved credit counseling agencies where you can complete this requirement. You are also required to obtain post-filing credit counseling and submit a certificate of completion to your bankruptcy lawyer.Changes in the Automatic Stay Process and Child Support CollectionPrior to 2005, filing bankruptcy meant that most people and organizations had to stop collection activity against you. Since that time, the automatic stay no longer applies to eviction notices, divorce proceedings, suspension of your driver's license or payment of child support. If you owe past due child support, the person you owe it to will be given top priority over your other creditors to receive payment in either type of filing.
How can one get a mortgage refinance after a bankruptcy?
One would first have to wait two years after filing for bankruptcy. After this period, one can apply for a mortgage but one should pay bills on time and do not expect for it to be easy. Persistence is key.
After 10 years could you go back into bankruptcy?
Yes, after a bankruptcy has been discharged (a 10 year period if chapter 7 was filed), the possibility of filing bankruptcy again is open. If you live long enough, you can file several times. This gives new meaning to the phrase, "Live long and prosper."
What is chapter 13?
It's a chapter of bankruptcy. It allows the person that is filing to keep their property. The person that has filed will pay back their debts over a three to five year period.
If I used my credit cards close to the filing of my bankruptcy will it harm when filing?
Yes. If you are declared bankrupt, the Official Receiver will review your conduct leading up to the bankruptcy. If you have obtained or used credit immediately prior to the bankruptcy, this could be considered fraudulent use and the Official Receiver may apply to Court for a bankruptcy restrictions order against you. Depending on the seriousness of the offence, this could be for a period of up to 15 years. The main restrictions in bankruptcy are; you cannot obtain credit of more than £500, you cannot be a company director and you cannot hold certain public offices, such as the trustee of a charity.
How long chapter 7 BK do you have to wait to refi?
After filing for Chapter 7 bankruptcy, there is a required waiting period before you can refinance again. Both Freddie Mac and Fannie Mae, require a waiting period of 4 years after the dismissal date.
