Filing Without Receiving A Discharge In The First Case
A debtor generally can file a second bankruptcy at any time if they did not receive a discharge in the first bankruptcy case. However, if you file two cases close together, the automatic stay may not apply to prevent creditors from collecting on your debts.
Some nuances may vary depending on whether the first case was dismissed or denied. If the case was dismissed, you can file again immediately except in some situations in which a 180-day waiting period applies. This may apply if you voluntarily dismissed the case after a creditor sought to lift the automatic stay, or if you did not follow court orders or appear in court when required. If the discharge was denied, you probably cannot get a discharge of the debts that you listed in that case if you file again.
The Trump Entrepreneur Initiative
The now-defunct Trump Entrepreneur Initiative was once known as Trump University. The for-profit education company offered courses in real estate, asset management, entrepreneurship, and wealth creation.
The company was not an accredited school and did not offer high school or college credits.
The company was embroiled in an ongoing, high-profile scandal during Trumps presidential campaign, and it continued into his tenure as president.
The Trump Entrepreneur Initiative faced a lawsuit in 2013alleging illegal business practices. The New York state attorney general filed a $40 million civil suit that alleged the corporation made false promises to its students.
A New York judge found Trump personally responsible. In late March 2017, when Trump was serving as president, a judge approved a $25 million settlement for the defrauded students.
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How Long Do Chapter 11 Bankruptcies Last
Chapter 11 bankruptcy is designed to allow struggling businesses to restructure their finances and maximize the return to their creditors and owners. Businesses turn to Chapter 11 bankruptcy when pinched financially, often due to a temporary downturn. It can help a viable business keep the doors open long enough to regroup and re-imagine a future forward strategy. It doesnt matter whether the company is avoiding paying vendors, having a tough time meeting payroll or rent, or struggling with some other obligation thats come due the debt relief afforded by Chapter 11 gets businesses back on track.
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How Soon Can You File For Chapter 13 After Chapter 7 Bankruptcy
In order to get debts discharged through Chapter 13, you must wait four years after filing a Chapter 7 bankruptcy.
You can file for Chapter 13 before four years if no debts were discharged in the Chapter 7 filing, but if you had debts discharged in Chapter 7 and want to have debts discharged in Chapter 13, you must wait four years.
Bankruptcy Judge Weighs Nra Case
The National Rifle Association, long a feared power broker, will learn its fate this week in a court ruling that has the potential to hobble the gun-rights group and imperil the three-decade reign of its boss, Wayne LaPierre.
A judge is weighing several options. He could let the NRAs bankruptcy case go forward, giving the group a measure of refuge from a New York lawsuit that threatens its assets and its existence. He could put the group under the control of a trustee, empowered to make decisions about its finances and its future. Or, in a highly unusual move, he could throw the NRA out of bankruptcy court altogether.
There are land mines across the board here, said Brian Mittendorf, an Ohio State University accounting professor who has looked closely at the NRAs financial health.
For an organization that was until recently the most potent single-issue lobby in the U.S., none of the possible outcomes are great. The NRA has enjoyed enormous sway in Washington, beating back repeated attempts at stricter gun laws after mass shootings and building a fervent following closely tied to the Republican Party. It has spent millions of dollars to back candidates for president and Congress and on Supreme Court confirmation fights, and it was the largest financial backer of former President Donald Trumps successful 2016 campaign.
The NRA has called the suit a baseless attack on the Second Amendment, timed to have maximum impact during the election cycle.
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Choose The Right Bankruptcy Filing For You
We are proud to represent our clients in four primary areas of bankruptcy relief. Called Chapters, each of these forms of bankruptcy has its own advantages and disadvantages. The four Chapters used for filing for bankruptcy, where we help clients find debt relief, include:
- Chapter 7: Straight bankruptcy, where debts are fully forgiven
- Chapter 11: Complex business bankruptcies with debt reorganizations and restructures
- Chapter 12: Debt relief and repayment plans for family farmers and family fishermen
- Chapter 13: Debt relief for income earners that can help stop foreclosures and other looming debt recovery efforts
When you decide to declare bankruptcy, your lawyer will help you choose the right Bankruptcy Chapter for your financial situation. Filing for bankruptcy is a complex, time-consuming procedure. Your lawyer can help you understand and navigate the filing process from your initial petition to final discharge.
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Should I File Now Or Wait
A lot of people wonder how long they must wait before they can get another discharge. If you did not receive a discharge in your prior bankruptcy case and your case was not dismissed for the reasons stated above then you have no waiting period and can file immediately. Otherwise, your waiting period depends on what Chapter you want to file now and what Chapter you filed in the past.
You will see the different bankruptcy chapter combinations and remember the number of years means the minimum time that must transpire between filing dates of the two cases in order for your new case to be eligible for a discharge.
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How To Get Out Of Debt Keep The House Car Retirement Savings And Finally Get A Fresh Start
Filing Bankruptcy Cases Under Different Chapters
If youre filing under a different chapter the second time around, the following rules apply:
- Chapter 7 after Chapter 13 According to Title 11 Section §727 of the U.S. Code, if your first filing was under Chapter 13, you will not be granted a discharge under a Chapter 7 until at least six years has passed from the date you filed your Chapter 13.
- Chapter 13 after Chapter 7 According to Title 11 Section §1328 of the U.S. Code, if your first case was a Chapter 7, you only have to wait four years before filing a Chapter 13.
Filing for Bankruptcy for Reasons other than Discharge
Keep in mind that the time limits discussed only pertain to discharges, not to filings. There is no limit to amount of times you can actually file. While seeking a discharge of debts is the most common reason to file for bankruptcy, its not the only reason.
Some file for the automatic stay which prevents creditors from collecting on debts. Depending on your circumstances, this could help you stop collection efforts and catch up on your payments.
Running into Difficulties with Repeat Bankruptcy Filings
There may be no legal limit on how many times you can file for bankruptcy in Texas but the courts will take a good look at why the debtor is filing for a subsequent bankruptcy. First, lets review why bankruptcies were written into American law.
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What Happens If You File For Bankruptcy
Filing for bankruptcy is a legal process that will help the applicant either completely get rid of their debt or come up with a plan to repay their debt. The process begins with the debtor filing a petition with the bankruptcy court. As the debtor, you must complete several forms detailing personal information such as your assets, income, creditors, and expenses. It is important to note that during this process, creditors cannot collect on their debt. Once you have provided all the necessary information, the court will appoint a trustee who will ensure your secured debt is collected within the appropriate time.
This opportunity for a fresh financial start comes at a cost in legal fees and damage to your credit score. Filing bankruptcy will remain on your credit report for seven years or ten years . This process can make it difficult to obtain a mortgage or car loan in the future. It can also affect your ability to obtain employment or rent an apartment and increase your insurance rates. Since bankruptcy has long-term legal and financial consequences, consulting with a bankruptcy debt relief agency such as Debt Quest USA is highly encouraged. We will ensure all the paperwork needed is filled out correctly during this confusing and sometimes complicated process. Well also explain, in clear terms, exactly what happens if you file bankruptcy.
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What Happens To Your Credit Score After Filing Bankruptcy
Chapter 7 bankruptcy and Chapter 13 bankruptcy filings show up on your credit report. How long it shows up depends on which type of bankruptcy you file. Chapter 7 bankruptcy stays on your credit report for 10 years after the filing date. A completed Chapter 13 bankruptcy stays on your credit report for 7 years after the filing date, or 10 years if the case was not completed to discharge.
As a result, filing bankruptcy will initially lower your credit score. How much your credit score will drop depends on how high or low it was before bankruptcy. Generally, a decrease between 100 to 200 points can be expected.
The good news is that you can begin rebuilding your credit as soon as your bankruptcy discharge is entered. It’s possible to have a better score within 1â2 years of filing. The credit scores of most bankruptcy filers are already lower because of missed payments. After the court grants a discharge, most unsecured debts are erased. Credit scores improve because there are no more missed payments and discharged accounts show a zero balance.
After Chapter 7 and Chapter 13 bankruptcy is filed, you will get credit card offers in the mail. These offers can be for secured credit cards, sometimes called prepaid cards, which require a cash deposit. Or, offers can be for unsecured credit cards, but will likely have high interest rates or annual fees.
Time Limits Apply To Discharges Not Bankruptcy Filings
Bankruptcy law doesn’t set a minimum period that you must wait before filing for bankruptcy a second time. However, there’s a catch. If you file too soon after wiping out debt in a previous case, you won’t be eligible for another debt discharge .
Although there are times that it makes sense to file for bankruptcy even though you won’t receive a discharge, these situations are rare . Because a bankruptcy filed too soon will end up being a waste of time and money in most cases, it’s essential to know how to time your bankruptcy filing.
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You Want To File Chapter 13
- If your prior case was one of the following, you’ll have to wait:
- Chapter 7: 4 years
- Chapter 12: 4 years
- Chapter 13: 2 years
There is one more thing to consider in your second case and that is the effect of the prior case on the automatic stay in the new case. This comes up only where the prior case was dismissed, but the dismissal for purposes of the automatic stay can be a dismissal for any reason, not just the once listed at the top of this article.
Chapter 11 Bankruptcy Disclosure Statement And Disclosure Hearing
You must file a disclosure statement along with a proposed plan of reorganization and mail these documents to every party in interest, including all of your creditors. The disclosure statement explains how creditors may participate in the bankruptcy and provides information about how the creditors rights may be adversely affected. There will be a hearing on the disclosure statement where parties in interest can object to the statements language. These disclosure statements are typically approved on a regular basis and the hearing is a formality.
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Debt Relief Alternatives To Bankruptcy
Bankruptcy has serious consequences. A Chapter 7 bankruptcy will remain on your for 10 years, and a Chapter 13 will remain for seven years. That can make it more expensive or even impossible to borrow money in the future, such as for a mortgage or car loan, or to obtain a credit card. It can also affect your insurance rates.
So itâs worth exploring other types of debt relief before filing for bankruptcy. Debt relief typically involves negotiating with your creditors to make your debts more manageable, such as reducing the interest rates, canceling some portion of the debt, or giving you longer to repay. Debt relief often works to the creditorâs advantage, too, as they are likely to get more money out of the arrangement than if you were to declare bankruptcy.
You can negotiate on your own or hire a reputable debt relief company to help you. As with , there are scam artists who pose as debt relief experts, so be sure to check out any company that youâre considering. Investopedia publishes a regularly updated list of the best debt relief companies.
Heres Why You Need A Bankruptcy Attorney:
Hiring a Bankruptcy Petition Preparer is NOT a Solution
Pro se filers often hire a BPP as a cheap alternative to a lawyer in an attempt to save money. The BPP may tell you all you need to do is pay them just $75.00 and it will be easy to waive the Bankruptcy Courts $335.00 filing fee. This is often not the case and can eventually result in a dismissal of your case. A BPP cant provide legal advice when a waiver is denied or when other problems arise.
Let there be no doubta bankruptcy petition preparer is nothing more than a typist who, by law, isnt even allowed to give you legal advice. It isnt worth your time or money. Learn more about the risks and responsibilities of filing bankruptcy in Wisconsin without a lawyer, or book your free consultation with our Milwaukee area bankruptcy attorney today.
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A Chapter 13 Bankruptcy To Chapter 7 Bankruptcy
If you had previously filed for Chapter 13 bankruptcy and now want to file for Chapter 7 bankruptcy, you must wait for at least six years. However, the waiting period can be waived if you managed to pay 100% to your unsecured creditors in the Chapter 13 repayment plan.
The time-frame can also be waived if you managed to pay at least 70% of your total debts, and the original Chapter 13 bankruptcy case was found to be in good faith.
Since Chapter 13 bankruptcy can take up to five years to complete, it is possible to file for a Chapter 7 bankruptcy one year after receiving your Chapter 13 bankruptcy discharge.
How Does A Bankruptcy Work If I’m Married
If you are married, you may file a joint petition. A joint petition is the filing of a single petition by an individual and the individual`s spouse. In order to qualify for a joint petition, you must be married on the date that the joint petition is filed. Unmarried persons, corporations and partnerships must each file a separate case. If you are an individual and have a business, you may not file a single petition for yourself and your business each must be a separate bankruptcy case.
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A Brief History Of Donald Trumps Many Many Business Failures
So Donald Trump somehow scored his first political win in the New Hampshire primary Tuesday night.
Sounds like a good time to remind America his many losses.
The blustering businessman is famously obsessed with winning everything, always. His colorful career, though, shows that his track record aint quite so successful.
Sure, hes built buildings and brought in billions for himself doing so. But that second-place finish in the Iowa caucus last week was hardly the first epic fail with Trumps name written all over it .
The man who says hes going to build a border wall, crush ISIS and boost the brand of the United States has a nasty habit of hyping ventures that last less than half the time of one presidential term. Think hard, America: Do you want a man in the White House who couldnt even create a successful board game?
Lets take a quick look at some of The Donalds bungled promises. Heres to many more Trump failures to come!
Is There A Limit On The Number Of Times That I Can File For Bankruptcy
The time periods between bankruptcies depends on the type of the previous filing and the type of new filing. If your new filing is a Chapter 7, you must wait eight years from last filing of a Chapter 7, or six years from last filing of Chapter 13. If your new filing is a Chapter 13, you must wait four years from last filing of Chapter 7 or two years after a discharge of a previous Chapter 13 case.
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