Can I Get An 800 Credit Score After Bankruptcy
You may have a difficult time being approved without a co-signer which puts that person at risk if you do not pay on time. Keep your balances low or at zero and pay on time. Though it will take a few years to achieve an 800 credit score after bankruptcy, you can begin to rebuild your credit successfully.
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Alternatives To A Second Filing
The prospect of an automatic stay should not be the controlling factor in filing a second bankruptcy. As you experienced in the first filing, the process involves mandatory credit counseling and financial management courses, meetings with the trustee, and perhaps hearings before a bankruptcy judge.
To stop a foreclosure, consult your lender or mortgage servicer for modification options. You might extend your loan length and roll over the amount in default into a new loan with a new rate and length, such as a new 30-year term.
A forbearance might buy you additional time to catch up or get to a place where your second filing can lead to a discharge of unsecured debts. In forbearance, the lender delays in enforcing its right to foreclose.
Some mortgage holders might forgive at least a portion of the debt, relieving you of the obligation to pay it. However, except in a bankruptcy discharge, the forgiveness of a loan may represent income for which you may owe taxes.
Contact a bankruptcy lawyer for a free initial consultation of your financial situation and your options should you consider a second filing or whether you have never before been in a bankruptcy case.
Discharge Limits For Bankruptcies
The law sets strict rules governing the number of years you must wait before discharging your debts. But it isnt as simple as a set number of years. The time you must wait depends on both the type of bankruptcy you last filed and the type of bankruptcy you plan to file now.
- Chapter 7 then and now eight years from the filing date
- Chapter 7 then, Chapter 13 now four years from the filing date
- Chapter 13 then and now two years from the filing date
- Chapter 13 then, Chapter 7 now six years from the filing date.
However, if you had unsecured creditors, such as credit card companies and bank lenders, and you paid them back by at least 70 percent, you may be eligible to discharge your debts a second time sooner. Its important to check with a bankruptcy attorney if you think you may be eligible to file earlier than what the law says.
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Filing For A Second Bankruptcy In California
If you are filing for bankruptcy in California, you are not alone. At close to a quarter million annual petitions, California has more bankruptcy cases than any other state, and 97% of these are consumer filings. For most of these filers, bankruptcy will be a once-in-a-lifetime occurrence. But 8% of all bankruptcy filers will return to court in the future to claim bankruptcy once more.
The good news is that if youre struggling with debt, you are allowed by law to file not only for a second bankruptcy but also a third, fourth, etc., if necessary. The caveat is the waiting period between bankruptcies, an issue for which United States Bankruptcy Courts maintain strict stipulations.
Repeat Bankruptcy Filings: Can I File Bankruptcy Again
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One breath summary: If you have filed bankruptcy in the past, you may wonder if and when you can file for bankruptcy protection again. The answer depends on what type of bankruptcy you filed before, what type of bankruptcy you want to file now, how much time has passed since the last bankruptcy was filed, and whether your debts were discharged in your prior bankruptcy.
It is important to recognize that there is a distinction between your eligibility to file a bankruptcy case and your eligibility to have your debts discharged in bankruptcy. Strictly speaking, there are very few restrictions against repeat bankruptcy filings you can generally file bankruptcy as often as you want. But, in most bankruptcy cases, the Bankruptcy Code imposes time limits, or waiting periods, on having your debts discharged.
Eligibility to File Bankruptcy
First, you have to be eligible to file bankruptcy. Each type of bankruptcy proceeding has different eligibility requirements. Also, there are a few rare circumstances when you cannot file a bankruptcy case. For example, you have to wait at least 180 days to file a new bankruptcy case if your last bankruptcy case was dismissed because you willfully disobeyed an order of the Bankruptcy Court or because you requested dismissal of your case after a creditor obtained relief from the automatic stay. For more information about your eligibility to file bankruptcy, please see our article on Bankruptcy Eligibility.
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Filing Bankruptcy After Your First Bankruptcy Case Was Dismissed Or Discharge Denied
If your previous bankruptcy did not go through, special waiting periods apply. How long you must wait depends on whether your bankruptcy case was dismissed or denied. In most cases, if your bankruptcy is dismissed, you can file again right away. However, if it was dismissed due to certain factors, such as your failure as a failure to comply with legal requirements, you might need to wait 180 days before you re-file. A prior dismissal could also affect the automatic stay of collection efforts that normally accompanies a bankruptcy filing. If your previous bankruptcy resulted in a denial of final discharge, you are generally eligible to file again immediately.
Filing for bankruptcy is complex, and legal waiting periods make subsequent bankruptcies even more complicated than first bankruptcy filings. An experienced bankruptcy attorney can walk you through the laws and regulations that govern your particular case. He or she can help you choose the type of bankruptcy to file that will make the most sense for you. The attorney can explain this complex area of the law in simple terms so that you will be able to completely understand what happens if you file bankruptcy twice.
If you are ready to take the first steps toward financial freedom, call The Law Offices of David M. Offen today at 625-9600 to schedule your free initial consultation. Were here to help you every step of the way.
Where Do I File If I Havent Lived In The Same State Or District For The Last Six Months
Federal Law requires that the case should be filed where the debtor has lived for the one hundred and eighty days immediately preceding such commencement, or for a longer portion of such one-hundred-and-eighty-day period. 28 U.S.C. sec 1408. This means that the case should be filed in the bankruptcy district in which the debtor has lived for the greatest portion of the last six months.
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Filing For Bankruptcy More Than Once
If youre struggling with debt and have previously filed a bankruptcy case, you might be wondering how long you have to wait before filing for bankruptcy again. The good news is that you can file for bankruptcy as often as you like. The bad news is that there are time limits on how often you can file if you want to discharge your debts.
Read on to learn about the timing of repeat bankruptcy filings, whether you can refile after the court dismisses your case, and why you might want to file for bankruptcy even if you cant discharge your debts.
If you received a discharge in a Chapter 7 bankruptcy, you cant get another Chapter 7 discharge unless you file the second case more than eight years after you filed the first Chapter 7 case.
If You Do Not Live In England Or Wales
You might be able to apply if you live anywhere else – talk to a debt adviser.
You must not break the bankruptcy restrictions in England or Wales. These might also apply outside England and Wales – check the laws of the country you live in.
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Chapter To Chapter Options
Chapter 7 to another Chapter 7 bankruptcy 8 years Chapter 7 now filing for Chapter 13 bankruptcy 4 years Chapter 13 now filing for Chapter 7 bankruptcy 6 years Chapter 13 to another Chapter 13 bankruptcy 2 years
The wait times help prevent abuse of the system and high credit card debt that cannot be repaid. You are expected to make your best effort to pay off bankruptcy in between filings.
Keeping Your Car Chapter 7 Vs Chapter 13
People who file for bankruptcy generally have cars that are of less value than the average consumer, but they also have more of their wealth tied up in their car. The CBP car bankruptcy study points out that makes sense. People come to bankruptcy court with their wealth depleted, and the data bear out the intuition that people will hold onto their means of transportation if they can, the study says.
The numbers also show that Chapter 13 bankruptcy is a better bet for keeping a car than Chapter 7.
Chapter 7 bankruptcy involves liquidating assets to pay off unsecured debt, and even with the car exemption, it takes a lot of number crunching to keep your car.
Chapter 13 bankruptcy, on the other hand, creates a repayment plan that takes into account your income and assets, with an eye toward keeping what you own. Unsecured debt is discharged if the plan is successfully completed. Its an especially good option if you have a lot of equity in a car, though that equity will be considered part of the wealth that is the foundation of your payment plan. If youre behind on payments, the plan will include catching up.
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How Often Can You File Bankruptcy
For most people, is a once in a lifetime event. Unfortunately, sometimes things happen and you may be finding yourself once again facing financial hardship and looking at the possibility of filing bankruptcy a second time. If so, you are not alone. Approximately 10% of bankruptcies are for individuals who, for one reason or another, needed to file bankruptcy more than once.
Chapter 13 Followed By A Chapter 1:
If you have filed a Chapter 13 and received a discharge, you have to wait at least two years to file Chapter 13 Bankruptcy Again and receive a discharge.
Most cases take between three and five years, so practically, you can immediately file a new Bankruptcy under Chapter 13 as soon as you obtain a discharge in such cases.
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Can You Really Declare Bankruptcy Twice
ByJoshua Cardozo | Submitted On July 02, 2010
One of the questions that often comes up regarding bankruptcy is whether a person can file more than once. Perhaps surprisingly, the answer is yes. A person can declare bankruptcy more than once, but there is much more to this story. You can’t simply go from bankruptcy to bankruptcy throughout the rest of your life in order to avoid paying your bills.
As a matter of fact, before we get into the specifics about how often you can declare bankruptcy, we need to clear up a few important facts first. If you are looking to declare bankruptcy a second time, there is a serious problem in your financial life and most likely your personal habits and even character. Yes, I said it. There is a serious problem when a person has to declare bankruptcy more than once.
Unless you are one of the most unfortunate individuals in the nation, having to declare bankruptcy more than once is simply a sign of irresponsible spending, lack of self-discipline, and an unwillingness to improve your own financial future. Bankruptcy was designed to help honest people who were overwhelmed with their consumer debt, such as credit card debt and other similar loans, and who simply need a fresh start.
Don’t let debt control your life anymore. Get the facts about bankruptcy and learn how to get control of your debt. To learn the answers to common bankruptcy questions visit us at
Understanding The Top Nc Bankruptcy Exemptions
When you decide to declare bankruptcy in the state of North Carolina, it immediately stops all creditors from collecting debts. In cases of Chapter 7 or Chapter 13 bankruptcy, when your debts have been sorted out by law, the legal obligation to pay your debts is often eliminated or reorganized. One of the biggest myths
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Chapter 7 Vs Chapter 13 Bankruptcy: Whats The Difference
Its important to note the differences between Chapter 7 and Chapter 13 bankruptcy before we discuss how often consumers can file for this type of protection.
Chapter 7 bankruptcy is a process that helps consumers liquidate their assets and pay off delinquent debts. While Chapter 7 bankruptcy allows consumers to keep some of their personal assets up to certain limits, consumers typically choose this type of bankruptcy when they dont have many assets to protect. Chapter 7 bankruptcy can take three to six months to complete, but it does allow consumers to discharge delinquent debts and get a fresh start.
With Chapter 13 bankruptcy, consumer debts are restructured instead of discharged. Families and couples typically choose this type of bankruptcy because they have assets to protect, such as significant equity in their home. Once the Chapter 13 bankruptcy process begins, a court-approved debt repayment plan is set up and followed over three to five years. At the end of Chapter 13 bankruptcy, consumers will have been able to keep all their property and pay off unsecured debts included in their bankruptcy.
Repairing Credit After Bankruptcy
If youre considering filing bankruptcy twice, you likely already know the effects it can have on your credit report. Payment history makes up 35 percent of your total FICO score, and FICO is usually the score creditors use when trying to determine whether to issue you credit. Another 30 percent is the amount of debt you owe, so if youve had most of your debts discharged, it can actually help you.
But bankruptcies dont stay on your credit report forever. If you filed Chapter 7, it will remain on your credit report for 10 years, while Chapter 13 remains for only seven. However, its not guaranteed that the bankruptcy will disappear on schedule, so you may want to keep an eye on your credit reports.
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The Time Between Chapter Filings
The exact amount of time between discharges depends on which type of bankruptcy you use for the first and second filing.
|Chapter 7||6 years from the first filing date*|
*There is an important exception to this rule that you should not. If you paid off all your unsecured debt in full or at least paid off 70 percent of the claims made on a plan entered into in good faith, then you can file for Chapter 7 sooner than this date.
Need help starting the filing process? Were here so you can get the fresh start you need.
Are You Getting A Refund
Refunds that are issued as a result of returns for years prior to the year of bankruptcy are considered to be the property of the estate in bankruptcy. As a result, these refunds will be sent to the trustee. Any refunds issued in relation to returns for years subsequent to the year of bankruptcy will be sent to you, unless the trustee has obtained a court order.
For the year of bankruptcy, any issued refund related to the pre-bankruptcy return will be sent to the trustee. Issued refunds related to the post-bankruptcy return will also be sent to the trustee if your bankruptcy assignment date is July 7, 2008, or later. Post-bankruptcy refunds that are issued for bankruptcies with an assignment date prior to that will be sent to you, unless the trustee has obtained a court order or has provided us with an Authorization and Direction letter.
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Multiple Bankruptcies On Your Credit Report
You may need to consider a court date in between filing for multiple bankruptcies. In some cases, an automatic stay can expire before your next bankruptcy discharge is filed. You need to make sure the discharge happens before the automatic stay expires.
Your credit report may have language such as:
- Bankruptcy Chapter 13 – discharged
- Filing date: 01/01/2013Status date: 01/01/2014
It could also say “there is a bankruptcy on your credit report” or “you have recently filed for bankruptcy” without listing specific details.
Having multiple bankruptcies on your credit history usually means you will have a hard time finding lenders and low interest rates, and you will have a poor credit score for a year or more.
Bankruptcy Normally Lasts For 3 Years And 1 Day From The Day We Accept Your Bankruptcy Form
Your bankruptcy period starts from the day we accept your bankruptcy application. If a creditor makes you bankrupt, the bankruptcy period starts from the date you file a statement of affairs that we accept. In some cases, your trustee can lodge an objection to extend the bankruptcy for up to eight years.
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Filing Chapter 7 Bankruptcy In Nc
Bankruptcies can have far-reaching effects beyond just the financial burden. They can cause a strain on marriages, ruin a business, or even destroy future plans when handled incorrectly. A Chapter 7 bankruptcy is designed to wipe out debt and give a new, fresh start to those who file under it. Under this filing, a trustee