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When you file for bankruptcy, the last thing you want to have in uncertainty about what’s going to happen. That’s why it’s so important to be informed and find the answers you need to answer your most pressing questions about bankruptcy. That way, you’re not faced with so much fear of the unknown that often comes with filing.
With that in mind, we’ve answered the most common questions people ask about bankruptcy that people ask. Learn what you need to know about the filing process and what happens before, during and after you file. If you still have more questions or need help with filing, call us at 1‐855-417-7188 to connect with the right services for your needs.
This means you can use bankruptcy to buy more time to avoid foreclosure. In addition, your filing may cover your home. For example, if you file for Chapter 7 and your home is below a certain value, then it’s exempt from liquidation. Once you receive your final discharge, you can work with your lender to save your home.
However, filing for bankruptcy on your own is almost never advisable. Filing for Chapter 7 requires a means test that you need to know how to navigate successfully. Even for Chapter 13, you must submit a repayment plan proposal to qualify. If you don’t submit it correctly, the court may reject your discharge request. And then even if you decide to use an attorney to file, the denial from your first filing may cause issues. In some cases, the court may not approve a proposal on a debt that’s already been denied once.
Secured credit cards are available to anyone in exchange for a small cash deposit. You can qualify for secured credit cards, regardless of your credit score or even if you finished a bankruptcy yesterday. There are also unsecured loans designed for people with bad credit. For example, credit building loans are designed for people with bad credit. You can get a small personal loan
If you are a cosigner of someone thinking about filing for bankruptcy, then Chapter 13 is usually the better option. The borrower can stipulate to the court trustee that they wish to repay the cosigned debt in full during their repayment plan. This will eliminate the debt, so you won’t be on the hook.
Chapter 13 filings take longer because you must complete your court-ordered repayment plan. These plans generally take three to five years. Once you make the last required monthly payment, you will receive the final discharge.
“To do some homework on this before you talk to a local bankruptcy attorney,” Rhode says, “ask your employer if the 401(k) you are contributing to is an account qualified under the Employee Retirement Income Security Act (ERISA). These type of 401(k) accounts are excluded from your bankruptcy estate.”
Keep in mind, if you have taken money out of your 401(k), that money or asset is no longer protected. So, if you withdraw money from your 401(k) and then file for bankruptcy, those funds are not protected under ERISA.
|First filing||Second filing||The time required between filings|
|Chapter 7||Chapter 7||8 years from the first filing date|
|Chapter 7||Chapter 13||4 years from the first filing date|
|Chapter 13||Chapter 13||2 years from the first filing date|
|Chapter 13||Chapter 7||6 years from the first filing date|
There is an exception on the last filing set listed above that may allow you to reduce the time before your Chapter 7 filing.
Article last modified on April 2, 2019. Published by Debt.com, LLC . Mobile users may also access the AMP Version: Top Bankruptcy Questions Answered - AMP.