Bankruptcy Law

The US Bankruptcy Code that determines which debts may be discharged and which obligations will remain after a person or organization is deemed insolvent

8,615 Questions
Bankruptcy Law

What do you do if you have completed bankruptcy and the lender has not picked up aut?

What to doCall the bank and ask. They will not lie about it.

If your car has been repo'd, call your local law enforcement agency. Almost everywhere we has repo people have to notify law enforcement that we have taken the car, that is to prevent you from calling up and reporting it stolen. So if you think it happened, call law enforcement, they will tell you. Now the other question about getting your car back is it isn�t your call. You need to work with the lien holder. And chances are good if you have been a jerk to them and haven�t talked to them in the past, they won�t blink an eye about not letting you have your car back. It�s all up to the lien holder if they want to give it to you or not.

Only thing to do is CALL the LEINHOLDER. they did their part by having it repoed, the next step is up to you. It helps to have MONEY in ya pocket when ya call. make sure the lien holder has been corresponding with you and make sure you owe the amount they are quoting you.. My company is charging alot more that I owe

You will inccur BACK Payments,repo fees,storage and inventory fees. Somewhere between $300.00 and $X000.00 depending on how far behind you are. Call the lender first. Good Luck ***This answer is incorrect. If you have completed your Bankruptcy as in you received your discharge with this debt included in the discharge, you owe nothing, unless you reaffirmed the debt. They can not collect ANY money from you. To answer the original question (which was not about a repossessed vehicle), if you did not reaffirm the debt and are not making the payments but the company has not came for the vehicle AFTER your discharge or Relief From Stay was granted, simply call the company and tell them you need to make arrangements to surrender the vehicle, or call the attorney that did your bankruptcy and ask them to take care of it for you (for an additional fee, most likely).

CALL the LENDER. They have possession of the car and will make the arrangements for you to get your PP. You may have to make an appointment with the repo co. to get it.


Credit Reports
Bankruptcy Law

How do you remove liens and judgments from your credit report that were discharged in a Chapter 7 almost 2 years ago?

Removing Liens and JudgmentsYou can't. By federal law bankruptcies can be reported up to 10 years after filing, assuming a discharge, of all discharged unsecured debts. Liens are secured debts and may or may not have been discharged. Undischarged debts may be reported up to 7 years after your last account activity.

You are probably referring to the "Public Records" part of the credit report. In that case you can't. Court cases are a public record, even if its dismissed, unfounded, you win, etc. All the CRAs do is searh for your name in courts across the country. If they find a case, it goes on your credit report along with the type (Judgement Lien, Foreclosure, etc). If you sue someone else, it can show up on your credit report.

Here are more opinions and answers from other FAQ Farmers:

  • You cannot remove the lien that was in the bankruptcy, but you can contact each of the repositories, equifax, experie and transunion with a copy of the bankruptcy list of creditors and have them listed on the credit report. This way it will show the creditors being included in the bankruptcy which will show they are no longer open accounts and raise your score.
  • Your bankruptcy attorney should have removed any judgment liens on exempt property during the bankruptcy. This is done by the filing of a Motion to Avoid Judgment Liens or a Motion to Avoid Liens on Exempt Property. If this was not done, most Bankruptcy Courts will allow you to reopen a case to avoid liens. It might be cheaper to pay the lien or negotiate a settlement. Call both the lien holder and your lawyer to determine the cost of either action.
Personal Finance
Debt and Bankruptcy
Bankruptcy Law
Money Management

Can you cosign a car loan if you filed for bankruptcy?

If you can find a lender who will accept your signature, sure. Unlikely.

Credit and Debit Cards
Credit Reports
Bankruptcy Law

What is secondary production?

secondary production is the conversion of raw materials to finished products. this is the second stage of production.

Bankruptcy Law
Deeds and Ownership
State Laws
Property Taxes

Can you pay someones taxes and own their land?

United States

No. Generally you cannot get title to property simply by paying the delinquent taxes. The procedures vary from state to state but there needs to be a transfer of title. Towns have the legal authority to take possession of real property for non-payment of property taxes. In some jurisdictions the town must then get a court decree that perfects title in the town. Once the tax taking process is completed the town can sell the property at a public auction and the delinquent taxes must be paid. You need to check the procedure in your particular jurisdiction. Tax sales are usually advertised in the local newspaper.

Generally, when you pay taxes assessed to someone else for property they own, you are simply considered a volunteer.

If you are thinking of trying to acquire a property by adverse possession one of the common elements is paying the taxes on the land. Laws vary. You should consult with an attorney in your jurisdiction who specializes in real estate law to determine the steps you must take to acquire a parcel by adverse possession.

Law & Legal Issues
Bankruptcy Law

What is an unsecured promissory note?

A promissory note is a document where you agree or promise to repay a certain amount of money to someone. If it is unsecured, it means that nothing was put up as collateral to back up your promise [such as a house, a car, stocks, etc. ].

Bankruptcy Law

Can you buy a new car after bankruptcy?

If you have good enough credit you can theoretically buy a car at any time. However going bankrupt pretty much destroys your credit, but you still my find a dealer willing to sell a car to you.

Debt and Bankruptcy
Bankruptcy Law

How do you withdraw chapter 13 bankruptcy filing?

By not making your payment to the trustee. He will see you fell behind, and file a motion to dismiss your case. OR, pay back the entire amount you owe in a lump sum.

Taxes and Tax Preparation
Bankruptcy Law

Do you pay taxes on debt discharged in bankruptcy?

Not always. There are some exceptions. The most common situations when cancellation of debt income is not taxable involve:

  • Qualified principal residence indebtedness: This is the exception created by the Mortgage Debt Relief Act of 2007 and applies to most homeowners.
  • Bankruptcy: Debts discharged through bankruptcy are not considered taxable income.
  • Insolvency: If you are insolvent when the debt is cancelled, some or all of the cancelled debt may not be taxable to you. You are insolvent when your total debts are more than the fair market value of your total assets.
  • Certain farm debts: If you incurred the debt directly in operation of a farm, more than half your income from the prior three years was from farming, and the loan was owed to a person or agency regularly engaged in lending, your cancelled debt is generally not considered taxable income.
  • Non-recourse loans: A non-recourse loan is a loan for which the lender's only remedy in case of default is to repossess the property being financed or used as collateral. That is, the lender cannot pursue you personally in case of default. Forgiveness of a non-recourse loan resulting from a foreclosure does not result in cancellation of debt income. However, it may result in other tax consequences.
Debt and Bankruptcy
Bankruptcy Law

Should you declare bankruptcy?

Personal bankruptcy generally is considered the debt management option of last resort because the results are long-lasting and far-reaching. A bankruptcy stays on your credit report for 10 years, making it difficult to acquire credit, buy a home, get life insurance, or sometimes get a job. However, it is a legal procedure that offers a fresh start for people who can't satisfy their debts. Individuals who follow the bankruptcy rules receive a discharge which is a court order that says they do not have to repay certain debts.

Chapter 13 and Chapter 7. Both types of bankruptcy may get rid of unsecured debts and stop foreclosures, repossessions, garnishments, utility shut-offs, and debt collection activities. Both also provide exemptions that allow people to keep certain assets, although exemption amounts vary. Note that personal bankruptcy usually does not erase child support, alimony, fines, taxes, and some student loan obligations. And unless you have an acceptable plan to catch up on your debt under Chapter 13, bankruptcy usually does not allow you to keep property when your creditor has an unpaid mortgage or lien on it. Whether one files bankruptcy is very subjective & one should consult an attorney for help deciding. Accordingly, everything below is FOR INFORMATIONAL PURPOSES ONLY & no person should take any action or inaction based on what it says. The info below is NOT legal advice and does NOT create an attorney-client relationship & no person should rely on info they get off the internet as a substitute for actual legal advice.

BUDGETING One of the things to consider is whether you can find a way to pay bills on your own, and if so, how long it will take to become debt-free and how hard it will be on your family to do so. One can get their pay stub & checkbook and see if they can design a feasible budget that pays more than minimum payments toward the debts without sacrificing too much (i.e. can you afford your child's medicine if you pay triple payments on the credit cards?). Make a budget that pays at least triple the minimum monthly payments toward unsecured debts (like credit cards) or it might take 20 years to pay them off!

CREDIT COUNSELING The credit counseling service one calls should be selected carefully since MANY OF THEM ARE SCAMS. A good credit counseling service should sit down with you IN PERSON (if you have to call an out of state place at an 800 number, you might be making a mistake!), look at your income and expenses, help you fashion a workable budget, & then contact all of your unsecured creditors & negotiate lower balances & interest rates. Then, you pay one monthly payment to the credit counseling service that they then distribute to each of the unsecured creditors. Ideally you become debt-free in 3 to 5 yrs. If the credit counseling service bad-mouths other debt reduction alternatives (i.e. if they say something like "bankruptcy is a 10 year mistake" or other such rhetoric), then they may not really be concerned with what course of action is in your best interest but rather they just want to sell you their product. If they don't seem open-minded to every possibility that might make your life better, find another credit counseling agency. If the credit counseling service suggests you see a bankruptcy attorney, or if the payment amount they come up with is too high, then bankruptcy may be a good option.

DEBT SETTLEMENT Another option to deal with debt is to try settling it. Many people use an attorney for this since there are many pitfalls to debt settlement (more than I can cover here). One catch with debt settlement is that you usually need cash to do it. If you can come up with cash (i.e. from a home refinance, tax refund check, or loan from a relative, for example), then one can frequently settle his or her unsecured debts for around 30 to 60% of the balances. One normally contacts his or her creditors IN WRITING and offers a cash settlement of maybe 15% of the balances, & then negotiates with the creditors until each creditor agrees IN WRITING to accept a certain amount of money to forgive the rest of the debt so long as the settlement amount is received by a certain date. Then, the person mails the agreed-upon amount to each creditor, by certified mail, return receipt requested (so the person can prove that each creditor received the settlement funds timely), and then the debts are gone. Sending cash is a BAD idea, the payment needs to be a check or in some other form that you can prove they got. NOT getting the agreement in writing prior to sending money or not BEING SURE you can get the money to the creditor by the agreed upon deadline are BIG mistakes. it is advisable to use an attorney.

Bankruptcy Law
Civil Lawsuits

Can you include alimony in Chapter 7 bankruptcy?

Alimony and child support is considered to be non-dischargeable.

Debt Consolidation
Bankruptcy Law

What is standard paper called?

The international standard is called A4. It measures 8.27 inches by 11.7 inches.

The North American standard is called "Letter." It measures 8.5 inches by 11 inches.

Debt and Bankruptcy
Bankruptcy Law

Can you go bankrupt if you do not have a job?


Home Equity and Refinancing
Bankruptcy Law

How long after bankruptcy do you have to wait before refinancing?

Refinancing after a bankruptcyThe time period you have to wait depends on what chapter bankruptcy you filed.

Generally, you are able to refinance 2yrs after a Chapter 7 discharge.

If you are in Chapter 13, you can refinance the next day with many lenders. You can email a mortgage broker like myself to find out more.

  • To add to the above answer, you do NOT have to wait 2 years to refinance after a chapter 7 discharge, those are for fannie Mae loans. You can refinance a chapter 7 a day after discharge. A chapter 13 can also be refinanced before discharge since it's on a payment plan for 3-5 years from filing date. You can get a chapter 13 refinance as little as 6 months from filing, not discharge and you can payoff your chapter 13 in the process if you have enough equity in your home.
Debt and Bankruptcy
Home Equity and Refinancing
Bankruptcy Law

Can you rent out your home after filing chapter 13?

After the Chapter 13 plan is approved, whether the rental is included in the proposed plan or not. Until then the trustee holds all your assets in the bankruptcy estate. Once the plan is approved, you become the "debtor in possession" and can manage your property as long as you don't try anything illegal or that will harm the value of the property.

However, if you rent out your house, you will not be able to use the homestead exemption in the event your c 13 fails and you convert to a c 7 or have to file a c 7.

Debt and Bankruptcy
Bankruptcy Law
Income Taxes

If a tax debt is owed to the IRS can filing bankruptcy settle this debt and allow you to start over?

Yes you can start over but this does have an extreme barring on your credit. You can include the years prior to three years from the tax year you owed the IRS. However any years owing after the fact, you will be responsible for.

Actually, you can under certain circumstances -- mainly if enough time has gone by (except in cases involving fraud):

As a result of Bankruptcy Code Sections 523 and 527, the following IRS tax is generally dischargeable:

Tax penalties for non-filing, tax penalties for late payment, tax penalties for late deposit, and tax penalties for late estimated payments; and Income tax, excise tax, and gift tax which is over three years old, has been filed at least two years prior to the bankruptcy petition, and/or has been assessed as an IRS tax audit deficiency for at least 240 days.

The above poster is right. I was recently discharged from a bankruptcy. When I filed for bankruptcy I owed money to the IRS. My attorney said as long as it had been THREE YEARS from the tax year that you owed the IRS it can be included in a bankruptcy.

Bankruptcy Law

How much can you spend on your credit card before you file bankruptcy?

you can actually spend it all, and if you are going to go bankrupt, start spending, buy clothes and furniture and stuff, the creditors will have the opportunity to show up at the meeting for the sake of argument, but they usually never do and they really don't want the clothes off your back.

Any debts incurred, or assets transferred within 2 years of your filing date are excludable from bankruptcy protection, and frequently are almost automatically. If your doing so appears to have been intentionally in the anticipation of filing, that is a criminal act and is frequently pursued as such.

The jibberish the other commentator provided having to do with if a creditor shows up at the 341 meeting or not, is ignorant. Appearing there , except in very unusual circumstances, has no real meaning. The filing of a timely proof of claim does. And of course there are ample opportunities to provide the court any other evidence a creditor may want to have considered. (Like a credit application showing assets or incomes (or other debts) that don't jive with the BK filing and asking for an explanation, or requesting criminal fraud if that sworn document was a lie to have them provide credit....).

Debt and Bankruptcy
Debt Collection
Bankruptcy Law

What if a Motion for Relief from Stay is only issued for one of the debtors what can the other do?

The other debtor must either make arrangements to pay, modify or otherwise deal with the pre-petition and post-petition arrears and costs and legal fees or be foreclosed upon. A possible action is filing the other debtor's own bankruptcy, if there is not one outstanding, though this will be short-term relief if the second debtor is not able to file a c. 13 with a plan that will address the arrears. The codebtor needs to get an experienced bankruptcy lawyer - and not the same one representing the other debor.

Debt and Bankruptcy
Bankruptcy Law

What happens if bank does not claim a motorcycle after Chapter 7 bankruptcy?

Why do you think the bank has to do anything? You signed a document filed with the court called "Statement of Intention" in which you said you were surrendering the motorcycle. You have to go to the bank and give them the keys and tell them where the vehicle is. They may direct you to take it to a specific location to surrender it.

If they want to abandon the property, they have to do it in writing.

Home Equity and Refinancing
Debt and Bankruptcy
Bankruptcy Law

Can you refinance after Chapter 13 discharge?

Especially in todays and the forseeable future credit environment, probably not.

The previous answer was erased as commercial and out of Wiki guidelines;

New mortgage, new debt? Well, real tough - not impossible. Especially with the concerns over subprime lending in todays market (which you by being in/recent BK more than likely would be under most any view). You would have to expect that you would pay a very high interest rate, likely making it something even people with stronger financials and financial ability wouldn't consider...(guess why...the answer - it isn't because of their's because they don't make foolish decisions...and you should realize right now, if the "richer' can't afford it YOU REALLY CAN'T).

If the BK is still open, make sure you discuss anything your doing with the BK trustee. Entering into a refinance or any financial contract without his explicit approval will end BK protection, and is sometimes prosecuted as fraud. Certainly, if it means you would have less disposable income to use toward your outstanding debt, he would have rightful objections.

And went BANKRUPT, presumably because you get in more debt to satisfy your wants than you can pay. Simply, you haven't been able to handle finances and the obligations of debt very well.....if you have any problems with paying this, or wanting more on top of it, hopefully you've seen you cannot borrow your way out of debt (or to riches), but be certain even after clearing some obligations in BK, you can sure find yourself in waaay deep again, real quick.

FHA generally will not penalize you. But many fail to understand, that you may not be "penalized" for having gone BK, but that you got yourself to that point, generally by being a bad borrrowor (late payments, excuses, etc) still means your a bad one to lend money to. Yes you can refi with Fha prior to your Chapter 13 being dimissed in some cases. You must go through the court and trustee. They must approve your new debt. Yes, it must make sense (lower rate, payment etc.) so that during your BK you will have more to pay others.

Cashout are functionally impossible, certainly unless you are paying off the C-13 and all prior debts....and have the income to impress the new lender.

You will find an assortment of attractive come on's in many places (some even here and trying to not look commercial). in general, these are all things to take advanatge of the financially suspectible and tired, maybe desperate. They are out to take you. There is no majic...there is no secret hidden thing that banks do...they need you to have veriifyable (not just claimed) income, a reasonable of level of other debts and expenses, leaving more than enough income to pay them back - and a history to show that more than financially, your promise to do so is good. If you don't have those things...then first - your being a bad financial/business person because you may arrange something but will pay more than you should (loansharking - legal or not - is still available). Work on what you need to cure the problem - and you'll find the money you THOUGHT was the follows.

AnswerThe thought of filing for Chapter 13 bankruptcy is a tough pill to swallow for many homeowners. Many attorneys fail to tell their debtors that they have options beyond filing a BK 13. For many, the Chapter 13 is the best option because it provides a fresh start and freezes interest and penalties. Debtors that have determined the Bankruptcy status is appropriate, can Refinance their mortgage after 36 months and are not required to pay any unsecured debts. 95% of the time this is the best option for the debtor. Under BK law, the unsecured debt is washed on a BK 13 in the same way unsecured debt is washed under a BK 7. Debtors that can pass the means test, can simply refi their mortgage under a foreclosure bailout program and file a Chapter 7 without ever needing to file a 13 and payback the unsecured portion. Many borrowers and attorney are simply unaware of the programs that exsist.

Typically a foreclosure bailout will go to 65-70% LTV (loan to value). With the new laws enacted in October, many attorneys have been encouraging their clients buyout their debt. The way the process works under a tradition Chapter 13 Refinance would be as follows: My credit rehab programs is started with a 2/28 Arm that will payoff the exsisting mortgage and the items rolled into the bankruptcy. My program will lower the debts monthly payment and discharge their bankruptcy upon funding. Many times borrowers are able to take cash out of their home up to 90% LTV. The higher ltv will require a 0x30 rating on the trustees report (12 month history) and a 0x30 rating on their mortgage (12 month history). 80% LTV is allowed up to 2x60 on the mortgage/trustee payment history. There is no limitation on document types. Loans can be stated income stated asset or Fully documented. Obviously the interest rates will be more favorable by documenting income but is not required.

After two years of timely payments to your mortgage the 2/28 ARM can be refinanced to a lower 30 fixed if a fixed is desired. Being dismissed from a BK is precarious situation to be in. However, there are many banks that will allow a mortgage to be protected even if the debtor has been dismissed. As previously discussed, a dismissed BK debtor has the same options available as the debtor that never file a 13. The premise is to protect that mortgage and anything that would affect title to the property. Usually the open unsecured debts can be paid as well. Its very important when refinancing your Chapter 13 that you use a chapter 13 specialist. Chapter 13 buyout are not like a traditional refinance.Many brokers are unfamiliar and inexperienced with Bankruptcy law and the process varies from state to state. i.e Pennsylvania does not require a motion to be filed with the court to get an approval to refinance a BK 13. Accross the bridge its neighbor New Jersey does require a motion and the process takes much longer. Work with a mortgage professional who knows the attorneys and the trustees.

AnswerYes you can refinance after a bankruptcy either Chapter 7 or 13. The rate and/or the ability to refinance depends on several factors:
  • your credit score
  • the value of your new loan to the value of your home (this would include the payoff for your mortgage, debts, costs of doing the refinance)
  • has your b/k been discharged? or if chapter 13 are you trying to buy out?
  • is the rate going to help you?
  • is it worth it to refinance?
AnswerAbsolutely! If it is dismissed.

Option 2: If it is not dismissed and you have been making your mortgage payments on time, you can get what is called a bk buyout.Your credit score must be at least 520 or above.You must have enough equity in the house to pay off the Chapter 13,

Option 3: If your credit score is 580 or above you dont even have to pay the Bk off again as long as your mortgage history is perfect. You can lower your rate and get cash out to pay off other debts etc.

As the mortgage market has changed, so have the above criteria.

AnswerYou need a mortgage broker pass on the direct lender or bank they will not work with you at this time like a broker will. Make sure he or she has experience in this type of loan they are more difficult to place. Get your merged credit report your broker will know what this is get an idea what your FICO score is the broker should councel you and I do how to increase this score and therefore decrease your rate. Who knows you might be pleasantly suprised that your FICO might be higher than you think. AnswerThere are some banks that may penalize you simply for filing but I work with many investors who will ignore a dismissal.

Answer by a bankruptcy lawyer, not a financial "advisor."

Yes, you may be able to refinance after a discharge in a chapter 13. The new HAMP program will be ending soon, so if you have not gone to a federally approved agency in your area, do it now.

Even if you do not qualify for a HAMP modification, you may be able to refinance. Remember that you no longer have all the other debt that was discharged, and if that gives you a higher asset value to debt ratio, and a few months or a year or two of on-time payments for the mortgage and utilities and other post discharge debts will improve your credit score. If possible join a credit union and move your accounts to it. They are usually more likely to refinance. Watch out for scams. Check any source offering you what seems a deal too good to be true, that it probably is.

Debt and Bankruptcy
Bankruptcy Law

How many times or when can you file bankruptcy again in any state or place?

Your question may have been redirected here: We receive many questions on this topic and have compiled the commonly needed info in this one general answer:

  • It isn't a number of's defined by type of BK and years in between. It is a FEDERAL law (and a special FEDERAL court system exclusively for Bankruptcy), basically under the same rules everywhere, State lines being irrelevant to FEDERAL matters.(Some districts of this court allow special definitions for things in the case, basically to conform to the customs and laws of the area they generally hear cases in).
  • However, there are task forces that are looking for those people who, even within the allowed time frame, seem to file often...and they are looked at and may be denied protection if it appears they are abusing the process.
  • Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago.The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.


Many ask how the time frames can be shortened because they are in need. BK is always done by people in severe really isn't for anyone else and until recently, was to be a once in a lifetime break. Hardship issues will not change the time required under the law.

CORPORATIONS: Frequently file under Chapter 11 - (a reorganization) - there are virtually no restraints to how many times or length of time between filings of this type, although the Court must agree that there is a benefit and possibility of a re-organization instead of a dissolution.

While a debtor must wait the times noted above, if the prior C-7 filing did not result in a discharge, but rather a dismismal (the difference in terms is important - dismissal basically means it wasn't completed for some reason), it can be re-filed only 180 days from the prior case's dismissal. When to file bankruptcy is an intricate and delicate matter that should only be determined after discussion with an experienced bankruptcy attorney and qualified financial advisor.

Note: The above answer applies to the United States of America. Other nations use a different bankruptcy code.

Life Insurance
Bankruptcy Law

What if your insurance company goes bankrupt?

The "bankruptcy" of an insurance company is referred to as "insolvency". It is roughly defined as the financial inability to pay claims as they accrue.

As a condition of becoming authorized (licensed) to transact insurance business in the company's state of domicile, it is required to pay a portion of its income into the insurance guaranty association of the state. This is essentially a state-administered pool of funds which is used to pay claims (although not always in full) when an insurer becomes insolvent.

Important to note is that only authorized (licensed) insurers are required to participate in and pay into guaranty associations, and therefore, only when you have a policy issued by an authorized insurer, do you have the chance to participate in the guaranty fund if the need arises. It is therefore important that you ensure that you are ensured by a licensed insured and not by a phony one. Illegal insurers crop up periodically, especially during periods of hard insurance markets, which tend to be cyclical.

That said, there is an alternative market of insurance which is quite legitimate, but which is not covered by guaranty associations. This is the surplus lines market. It caters to often unusual risks that are not able to be insured in the more customary market. Most states have Surplus Lines Offices which offer some level of regulation to this market, but it is far less than for the authorized market.

When a licensed insurer becomes insolvent, a Receiver is appointed in the domicile state to administer its and to run the company. Ancillary receiverships may be established in other states where the insurer did business. Assets are marshalled, a date is set for policy coverage to end, and decisions are made as to whether the company is susceptible to rehabilitation or whether it must be liquidated. Claims are handled in as orderly a fashion as possible, with priorities assigned to claims of various types laid out by statute. Time limits are set by which claims must be filed with the Receiver, and if they are not they are barred.

Debt and Bankruptcy
Bankruptcy Law

When must you leave your house after bankruptcy?

  • I am also in the same situation you are in. According to my attorney, I don't have to move out until the mortgage company successfully forecloses on the property. I was already in foreclosure before I filed the bankruptcy but by doing so I bought more time with the "stay" and now the mortgage company has to legally foreclose before I have to move if I choose to stay that long.
  • I am a bankruptcy attorney in Indiana. I suspect that the answer to your question varies widely from state to state since each state has their own way of dealing with foreclosure. The Bankruptcy Code says you're supposed to tender surrendered property to the creditor within 45 days of the bankruptcy filing date, but in Indiana it is common practice for banks to let the person surrendering the home stay there until the sheriff sale, which is the final step of the foreclosure process. I believe the reason for this is because a bank would rather you stay in the home and keep it safe until the sale rather than you moving out, then the bank has to foot the bill to have someone winterize and secure the home and drive by from time to time to be sure no one broke in, vandalized it, etc.
Bankruptcy Law

When did the chapter 7 bankruptcy laws change from 7 years to 10 years?

Actually, It never was 7 years. Chapter 13 is 7 years, and Chapter 7 is 10 years (sometimes longer). That regulation is at least 50 years old. Keep in mind however you may only be granted a Chapter 7 Discharge ONCE EVERY 8 YEARS FROM PREVIOUS BANKRUPTCY DISCHARGE DATE (law changed in 10/2005).

Debt and Bankruptcy
Bankruptcy Law

Can you refile immediately after your bankruptcy has been dismissed?

One can file a bankruptcy case at any time. The only issues upon filing will be:

1. Under what Chapter will one be permitted to file;

2. Whether one will get the benefit of the automatic stay while the case is pending; and

3. Whether one will get a discharge at the end of the case.

If a prior case was filed but no discharge order was ever issued, a stay of all collection efforts will issue automatically and the debtor may be eligible for a discharge at the end of the case. If a discharge order was indeed entered in the prior case, a Debtor must wait for specified periods if he or she is to benefit from an automatic stay and receive a discharge in the new case. The following is a table summarizing the waiting period required by law to stay creditors and get a discharge of debts:

Prior Case Chapter 7 Chapter 13

Chapter 7 8 years 4 years

Chapter 11 8 years 4 years

Chapter 12 6 years 4 years

Chapter 13 6 years 2 years

- BensonBankruptcy.comYou can refile after your bankruptcy case has been discharged by the court. I filed a chapter 7 in December, it was discharged March 15 and I filed a chapter 13 on the 22nd.

You can file chapter 13 as soon as your bankruptcy is dismissed but can only file chapter 7 every 7 years.

"Dismissed" means the court threw your case out without "Discharging" any of your debt.

You can either file Chap 13 immediately, or go to another Chap 7 filing after waiting 6 months...sort of a penalty period. Unless that has changed to, as someone said, 6 or 7 years. has most of the information you will need.

You cannot file a Chapter 7 case for 6 years after the filing date of a prior Chapter 7 or Chapter 13 which received Discharge. You can file a Chapter 13 nearly anytime so long as no other case is pending (with some exceptions). (FYI filing a Chapter 13 immediately after a Chapter 7 is called a "Chapter 20"). As of today (2/11/05) there is legislation pending in the United States Senate which I believe will increase the time you have to wait to 8 years, but this law may or may not get passed.

However, if the case was dismissed (and not Discharged), one can normally re-file immediately after dismissal unless the Court places a bar to re-filing, or unless the circumstances create a bar to re-filing. Sometimes, if the Court feels that a debtor acted in bad faith or for some other reason, the Court may bar the debtor from re-filing for some period of time. Or, once a Motion for Relief is filed by a creditor, if the debtor voluntarily dismisses his or her own case, then that debtor is automatically barred from filing a new case for 180 days. Please keep in mind that nothing in this posting or in any other posting constitutes legal advice, it is simply my understanding of the facts, which I do not warrant in any way.


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