What Happens To Your Information
Any previous name included in the bankruptcy petition will appear on the bankruptcy order, and in the:
- notice of your bankruptcy, which is permanently recorded in the Gazette but excluded from search engine results one year and three months after publication
- Individual Insolvency Register which will be removed within three months of your discharge
Postconfirmation Modification Of The Plan
At any time after confirmation and before “substantial consummation” of a plan, the proponent of a plan may modify the plan if the modified plan would meet certain Bankruptcy Code requirements. 11 U.S.C. §;1127, 1193. This should be distinguished from preconfirmation modification of the plan. A modified postconfirmation plan does not automatically become the plan. A modified postconfirmation plan in a chapter 11 case becomes the plan only “if circumstances warrant such modification” and the court, after notice and hearing, confirms the plan as modified. If the debtor is an individual, the plan may be modified postconfirmation upon the request of the debtor, the trustee, the U.S. trustee, or the holder of an allowed unsecured claim to make adjustments to payments due under the plan. 11 U.S.C. §;1127.
Saskatchewan Bankruptcy What You Need To Know
Bankruptcy is a special process designed to help those who have so much debt that they will never be able to pay it in full. This does not mean that the total debt level one is carrying must be exceptionally large to qualify for bankruptcy. You can file for bankruptcy in Saskatchewan if you owe as little as $1,000 as long as you cannot make your debt payments.
It is not hard to file for bankruptcy. Saskatchewan residents simply have to contact a licensed bankruptcy trustee. Once the process starts, the trustee establishes a trust from which the creditors of the bankrupt individual are paid. Essentially, your creditors will receive some of what you owe them even if they will not get all of it. Your property and assets are deposited into the trust, and the trustee pays your creditors from it.
The trust has a claim to all of your assets, with a few exemptions. The exemptions in Saskatchewan are as follows:
- household furnishings up to $4,500
- whatever tools and equipment you need to make a living up to $4,500
- home equity up to $32,000
- one motor vehicle when necessary for a trade or business
- clothing for the family
- registered retirement savings plans minus the last twelve months worth of contributions
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Bankruptcies Can Be Revoked Seek Legal Advice
Bankruptcy courts have the right to revoke a bankruptcy or discharge. There are specific conditions for the various types of bankruptcy. Chapters 7, 11, 12 and 13 all have their own unique reasons for why they can be revoked.
Revocation of Chapter 7
A trustee, creditor, or the U.S. trustee may submit a request to the bankruptcy court that a discharge or bankruptcy be revoke based on an allegation against the debtor.
Explanations of the Reasons Bankruptcies Can Be Revoked:
If you are considering filing for bankruptcy again, then you should take advice. Youll need to file with the court and must be certain that you are filing correctly and discharges are applicable.
You should also be aware of the With Prejudice rulings, and how they affect your ability to file for bankruptcy.
AllLaw has excellent resources online to help you navigate this tricky legal procedure. They have an interactive calculator that can help you establish the best next step based on the amount of money you owe. Their resource also clearly and simply explains the various types of bankruptcy and what you can do if the court has dismissed a previous case with prejudice.
What Happens After Bankruptcy
Once your bankruptcy is finished, you will receive your discharge certificate. This is the bankruptcy step that releases your obligation to pay back your remaining debts.
Will you ever get credit again? The answer is yes.
You can apply for credit immediately after filing bankruptcy; you are, however, required to state that you are an active bankrupt if you apply for credit of $1,000 or more. Many people can get a secured credit card and car loan soon after filing. At this stage, your income and past payment history will be the most significant factors in determining if you qualify for new credit. Your interest rate will be high initially, but you can take steps to rebuild your credit and well help you with that.
Most people feel relief as soon as they declare bankruptcy. The advantages of bankruptcy outweigh the downsides for anyone struggling with significant debts:
- Collection agencies stop calling
- You no longer have to juggle debt payments
- You can begin to save money as a result of eliminating all that high-interest debt
- Your credit improves if you follow the right steps because you no longer have the negative factor of high debt utilization on your credit report.
We recommend monitoring your credit report to ensure your creditors report your debts accurately . You should submit a dispute resolution if creditors have made mistakes in their reporting to the credit bureaus.
Also Check: How Long After Filing Bankruptcy Can You Buy A Home
Prior Chapter 13 Bankruptcy
If your first discharge was under Chapter 13 and you now wish to file a Chapter 7, the waiting period is six years unless the prior Chapter 13 either paid 100% of unsecured claims or paid 70% of unsecured claims and was in good faith and your best effort. If you have filed a Chapter 13 Bankruptcy and received a discharge, you are required to wait two years to file another Chapter 13.
Who Can Be Made Bankrupt
A bankruptcy order can be made for one of three reasons:
- you cant pay what you owe and want to declare yourself bankrupt
- your creditors apply to make you bankrupt because you owe them £5000 or more
- an insolvency practitioner makes you bankrupt because youve broken the terms of an individual voluntary arrangement
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How To File A Motion To Extend The Automatic Stay
If you want to extend the automatic stay, you must file a motion with the court. In your motion, you’ll explain why your previous bankruptcy was dismissed and why the court should extend the stay in your current case. You’ll have to prove that you filed the subsequent bankruptcy in good faith .
The specific procedures for filing a motion to extend the automatic stay depend on the rules in your jurisdiction. But the following are typically the most common steps you must take:
Find and complete the appropriate forms. Each bankruptcy district has forms for specific motions and notices. Check with your local bankruptcy court to find all paperwork related to motions to extend the automatic stay. But be aware that your jurisdiction may not have a standard form to fill out. In that case, you will have to create the motion and declarations. You can find your court’s website using the Federal Court Finder tool.
Obtain a hearing date and file the motion. In most cases, you will need to obtain a hearing date from the court before filing the motion . Keep in mind that the filer must complete the hearing before the stay expires, so typically you must file your motion immediately after filing your case. You’ll tell the court why your first bankruptcy was dismissed and explain why this case is filed in good faith. Then you’ll serve the paperwork on the bankruptcy trustee and your creditors .
Limitations On Frequency Of Bankruptcy Filings
While the time-related limitations on second or successive bankruptcy cases are typically discussed in terms of time between filing, this waiting period does not actually prevent you from filing an additional bankruptcy case. The statutory limitation actually refers to the availability of a discharge in the second or subsequent bankruptcy case. So, when you hear shorthand like, you cant file again for eight years, its generally not technically true.
However, the benefits of bankruptcy are significantly limited if the debtor is not eligible for a bankruptcy discharge. This is especially true with Chapter 7 bankruptcy cases, since the discharge is the primary purpose of a Chapter 7 bankruptcy case. Therefore, it would usually be pointless to file a second Chapter 7 case before the waiting period had expired. In addition, a filing undertaken with knowledge that a discharge wasnt available, such as for the sole purpose of delaying an impending collection action, could be deemed abusive.
Because the discharge is not the core benefit in a Chapter 13 bankruptcy case, the analysis is a bit different. A Chapter 13 case in which a discharge of remaining unsecured debt is not an option may still be beneficial, since the debtor can still take advantage of the three to five year repayment plan to spread out past-due payments and cut down on accruing late fees and other charges. In addition a no discharge chapter 13 can still stop a foreclosure or a repossession.
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How Long Do You Need To Wait Between Bankruptcies
While theres no law restricting how frequently you can file a bankruptcy, there are a few practical matters that can limit you.
First, if your filings are abusive or for the sole purpose of delaying or frustrating your creditors, a bankruptcy judge can stop you from filing. When this happens, a judge may dismiss your case with a one year bar, for example, restricting you from filing a bankruptcy petition within the next year.
Second, the bankruptcy code restricts how frequently you can obtain a bankruptcy discharge. In other words, the bankruptcy code restricts how often your debts can be forgiven. If you received a discharge in your first bankruptcy, then a set amount of time must pass before you can have your debts discharged by the courts again. So, while you can file for bankruptcy as many times as you need, you wont receive a second discharge until a certain amount of time has passed.
You may be wondering why you would want to file a bankruptcy if you cant have your debts forgiven, but there are many reasons you would do this. You may want to file for the purpose of establishing a payment plan, to repay mortgage arrears, or to catch up on missed car payments, for example.
Whether your eligible for a discharge in your second bankruptcy case depends on whether you received a discharge in the first case, what type of discharge you received, and what type of case youre filing. We discuss these rules below.
The following combinations are how long that wait is.
Exemptions For Your Home
In British Columbia, homeowners exemptions are higher if you live in Vancouver or Victoria. In this case, $12,000 of the equity in your home is protected in Greater Vancouver and the Victoria capital area. Elsewhere in the province, $9,000 in home equity is exempt from bankruptcy. For more information on bankruptcy exemptions in British Columbia, you can request a call from a local Licensed Insolvency Trustee.
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The Basics Of A Bankruptcy In Bc
Bankruptcy in Canada is designed to help individuals who have no reasonable chance of paying off unsecured debts such as and installment loans. The Bankruptcy and Insolvency Act of 1985, which is periodically revised and updated, governs bankruptcy in British Columbia and the rest of the country. According to this law, a person who owes at least $1,000 to his or her creditors is eligible to file for bankruptcy. BC residents who end up filing for bankruptcy, however, usually owe a lot more .
You file for bankruptcy in British Columbia through a licensed bankruptcy trustee, who administers your personal property through a trust to settle debts with creditors. Essentially, the trustees job is to make sure that your creditors get as much of what you owe them as possible. This means that while a bankruptcy erases your debts, you will often have to surrender at least some property in the process. Proceeds from the sale of your property are distributed to your creditors, and sometimes even the property itself is handed over. However, when you file for bankruptcy in BC, there are property exemptions that allow you to keep at least some of what you owe. The bankruptcy process typically lasts no more than nine months. If you abide by the bankruptcy agreement during that period, your trustee will recommend a discharge that erases your unsecured debts.
Your Bankruptcy Discharge Can Be Revoked
Additionally, bankruptcy courts may revoke a discharge under certain circumstances. For example, a trustee, creditor, or the U.S. trustee may request that the court revoke the debtors discharge in a Chapter 7 case based on allegations that the debtor obtained the discharge fraudulently, like if you concealed property or;failed to keep adequate records.
Typically, a request to revoke the debtors discharge must be filed within one year of the discharge or, in some cases, before the date that the case is closed. The court will decide whether such allegations are true and, if so, whether to revoke the discharge.
See also:How to Screw Up Your Bankruptcy Discharge
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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.
After Receiving A Discharge In A Chapter 7 Bankruptcy:
- Before filing another Chapter 7: You must wait exactly 8 years from the date of your previous filing. ;If you did try to file before that date, the filing would not receive a discharge and you would receive no protection from collections.
- Before filing a Chapter 13: You must wait for exactly four years from the date of your previous Chapter 7 filing prior to filing for relief under Chapter 13. ;Filings made before four years have passed will not result in a discharge.
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What Happens To Your Credit
Bankruptcy stays on your credit report for seven to ten years. While filing for bankruptcy significantly damages your score, it doesnt mean that it consistently holds you back the entire period; the impact to your credit score tends to diminish over time, shares Gonzalez. Stay focused on rebuilding it, be responsible, and keep monitoring your credit to minimize the damage.
So just how much will bankruptcy impact your score? While the drop will fluctuate on a case-by-case basis, Debt.org maintains that someone with an average 680 score would lose between 130 and 150 points in bankruptcy, while an individual who started out with near-perfect creditlike an above-average 780 scorewould lose between 200 and 240 points. Here are 10 things you probably think will hurt your credit score but actually wont.
Your Interview With The Official Receiver
If your bankruptcy is approved, youll have an interview with the official receiver. If youve presented your own bankruptcy petition, this may happen directly after the bankruptcy order is made. Alternatively, your letter from the official receiver may invite you to an interview either in person or by telephone. If offered a telephone interview you can ask to be interviewed in person if you prefer.
If you have been made bankrupt by one of your creditors the official receiver may also contact you by telephone to find out if there is anything that needs to be sorted out urgently.
You must attend the interview and cooperate with the official receiver. If you dont, your bankruptcy could be extended beyond the normal 12 months and you could face an examination in court. The more organised you are, the more straightforward the process will be.
Before the interview, telephone the official receiver to confirm or rearrange the appointment; let them know if:
- you require special facilities
- there is anything that needs to be sorted out urgently
- you need more time to gather the paperwork for the meeting
If you have been sent a questionnaire, fill it in, noting anything you dont understand .
Collect together all the paperwork you have been asked to take to the interview or have with you during the telephone call.
Face-to-face interviews may take 2 to 3 hours.
After you arrive:
Telephone interviews take at least 30 minutes.
The examiner will:
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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.
Is There A Credit Counseling Class For Bankruptcy
Yes, all borrowers are required to take a credit counseling class before filing bankruptcy. The class must be completed within the 180 days immediately preceding the bankruptcy filing. Once the course is complete, the debtor will need to file a statement of compliance with the bankruptcy court. The statement should include either a certificate or a statement that the debtor received the briefing but does not have a certificate. The certificate of completion should be filed along with your petition. If not included, the case may be rejected by the Court.
The class can be done on an individual basis or conducted in a group setting. Most often, borrowers take the class online from the comfort of their homes. You can usually even use a smartphone or tablet to complete the course. Private companies provide the course, you can use any company approved by the court. The fee will vary between class providers but is usually around $10.
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