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How soon after filing chapter 13 can you hope to buy a home?

The best time to purchase a new home after filing for Chapter 13 bankruptcy depends on how long your bankruptcy will be. If you have your payments on a five year plan, then you may have to wait a little longer.


If one spouse filed chapter 7 bankruptcy 10 years ago and the other spouse filed five years ago can you file again jointly?

No.


How long after a chapter 13 has been discharged can you apply for credit?

Between five (5) and six (6) years, depending on how long it took to discharge the chapter 13 bankruptcy. Generally a total of ten (10) years after the bankruptcy appears on your credit report is required before applying for prime credit. The average chapter 13 takes 4-5 years to be discharged, leaving about 5 years of having the bankruptcy still on your credit report.


I claimed chapter 13 five years ago can I claim chapter 7?

Yes. this is a common scenario as most people cannot meet the strict budgeting demands of a chapter 13 bankruptcy and switching is allowed automatically to a chapter 7 (one time limit).


What does Chapter 13 bankruptcy law do?

this is a big question, but generally, chapter 13 is used to strip off a second, unsecured mortgage or to retain unexemptable property. you will continuing paying on your secured debts, e.g. your mortgage, and will generally repay only a fraction of your unsecured debts. this will be done over 3-5 years.


What are the different types of bankruptcies?

Four. Chapter 7 BK is a total liquidation of debts and available to individuals and businessess. Chapter 13, is a consolidation/repayment action and available to individuals and small businesses. Chapter 11 is a consolidation/repayment action and used by large businesses/corporations. Chapter 12 is a consolidation/repayment action used by farmers and private individuals in the fishing industry (fishermen/women).


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.


How long after being discharged from chapter 13 can you file chapter 7?

= Ans == Bankruptcy is ALWAYS in a Federal Court and under Federal Laws. (Yes, some Federal Districts use the prevailing rules regarding some things in their area...like what may be personal property compared to real property, but the overall rules are universal). YOUR STATE GENERALLY MAKES NO DIFFERENCE. Bankruptcy laws were reformed in 2005 making the time limit between chapter 7 filings 8 years from the time of discharge and the time for filing a chapter 13 after a chapter 7 discharge 4 years.


Can you file parking tickets under a chapter 7 bankruptcy?

Parking tickets cannot be discharged under Chapter 7 bankruptcy. They can, however, be discharged under Chapter 13 bankruptcy. Chapter 7 bankruptcy is known as "liquidation" bankruptcy. This generally means that all of a debtor's non-exempt property may be sold by a bankruptcy trustee, though the laws for property exemption are different in each state. For example, in New York, most debtors are able to keep all of their property. Chapter 13 bankruptcy is a 'reorganization of debts', and allows the individual to keep their property and income while paying off all or part of their debt over a three to five year period. In the case of a Chapter 13 bankruptcy filing, the parking tickets can be considered "unsecured" debts (similar to credit cards and medical bills), and can thus be treated as such for repayment.


Chapter 13 FAQ?

Since 2008, more people have been laid off than any other time since the Great Depression. If you have been laid off or just can't make ends meet, your credit may suffer. When debt mounts and you can no longer pay your bills, you might consider filing for a chapter 13 bankruptcy. Chapter 13 bankruptcy allows you to bundle your payments into one monthly lump sum payment and continue these payments for five years. The amount that you pay depends on your disposable income, as determined by the budget that you submit to your lawyer and the court. After five years, your debt is discharged. There are several advantages to a chapter 13 bankruptcy. First, many people do not qualify for a chapter 7 bankruptcy. If you make more than the median household income for your family size in your county, you will not be permitted to file for a chapter 7 under most circumstances. In contrast, anyone can file a chapter 13 bankruptcy as long as they can demonstrate that their debts outstrip their income. In addition, most of your assets are protected with a chapter 13 bankruptcy. As long as your home or vehicle payments are not in default, you can keep them, including a certain amount of equity in your home as determined by your state. Your assets are safe as long as you make the minimum payments. Creditors will be ordered by the court to not contact you in an attempt to collect payment. Chapter 13 bankruptcy is not a cure-all for all for all your debt woes, however. You cannot default on your federal or private student loans, for example. In addition, if you have any co-signers on your debt, the creditors may pursue them for the payments and their credit will be affected if they cannot make the payments for you. Further, the bankruptcy remains on your credit record for seven years after the discharge. Because you must make payments for 5 years before the debt is discharged, your credit will be negatively affected for a total of 12 years. While you can file bankruptcy on your own in many states, you should consider hiring an experienced bankruptcy lawyer. Your lawyer knows the ins and outs of the bankruptcy process in your state and she can help you save time and effort with the court proceedings. In addition, many lawyers offer a free consultation.


Can you file income tax on your bankruptcy?

State Income Tax Claims, Federal Tax Claims, and Real Estate Taxes must be included in a bankruptcy filing. Income tax claims that are less than three years old will usually be consolidated with other debts and paid over three to five years in a Chapter 13. Depending upon income and assets, income tax claims for returns that were filed more than three years before the bankruptcy can sometimes be reduced substantially in a Chapter 13 and eliminated completely in a Chapter 7.The discharge of the debt in a bankruptcy, can actually cause taxable income for the year it is discharged if not handled proerly. You will get a 1099-C for most matters concering it.


What is the average fee on chapter 13 bankruptcy from a lawyer?

Bankruptcy filing fees can vary from one attorney to another. Chapter 7 filing fees average $300 and Chapter 13 averages around $280. Generally more experienced lawyers may have higher rates.

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