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F.A.Q.
How will the filing of my bankruptcy affect my credit rating?
A Chapter 7 Bankruptcy filing will be on your credit history for 10 years from date of filing. For Chapter 13 Bankruptcy, it stays on your credit report for 7 years from date of filing. Most debtors have already impaired their credit rating when they have reached the point of needing to file for Bankruptcy. This does not mean that you cannot obtain credit again after your filing. You may immediately apply for a new secured credit card as a first step.
What if I have previously filed for bankruptcy and received a discharge order?
You have to wait 8 years from the date you filed your last Chapter 7 to be eligible to receive another Chapter 7 Discharge order. You have to wait only 4 years to file a Chapter 13.
What are the time frames in a Chapter 7 and a Chapter 13?
A Chapter 7 has a general shelf life of 3-4 months from time of filing to date of receiving your Discharge Order and your case being closed. You will have your creditors meeting scheduled 3-4 weeks after the date you filed. If no objections by creditors are filed within the 60 days following, your case will be closed. In that 60-day period, you must take a second Financial Management course to receive Bankruptcy Discharge.
A Chapter 13 case has a shelf life of 3-5 years. The Bankruptcy Code requires a minimum 36-month Plan in which you must pay all disposable income to your unsecured creditors. If you are a high-income debtor, you will be required to be in the Plan for 5 years.
A Chapter 13 case has a shelf life of 3-5 years. The Bankruptcy Code requires a minimum 36-month Plan in which you must pay all disposable income to your unsecured creditors. If you are a high-income debtor, you will be required to be in the Plan for 5 years.