Personal Finance. How Long Once You File Bankruptcy Does It Take To Have It Discharged?

Personal Finance : How Long Once You File Bankruptcy Does It Take To Have It Discharged

I am looking into filing bankruptcy and wondering how long it takes for everything to be finalized? I think we are able to do chapter 7, does anyone know the income limits for chapter 7? ~~~ aleiah126 ~~~

Best Answer To Personal Finance Question

When you file for bankruptcy your attorney will do what is called a means test which will calculate your debt verses your income to see if you qualify for chapter 7. It takes about 60 days to be discharged (45 days after your hearing with your creditors) and there are 2 counseling sessions that you must complete in order to be discharged. One has to be done prior to filing and the other must be done prior to discharge and they both cost on average . It takes 10 years for the bankruptcy to come off of your credit report so think long and hard about this before you file. If it is possible to receive credit counseling to get things cleaned up, try to go that route first. An attorney will advise you on the best thing for your situation. Most attorneys will require that their fees are paid in full prior to filing your case depending on how much debt you have. The more debt that he has to get discharged for you, the more fees you will have to pay. We just went through all this and ours should be discharged in about 10 days. good luck

All Answer To Personal Finance Questions

Answer 1

it takes about a year for is to discharge i do believe and if you do file then yo can not have any land in you name wail you are on probation.

Answer 2

am not sure about it, all I know is that u hv to wait 7 yrs before u r on ur way again but it stays on ur credit and bank just the same. Listen, if u want to get out of ur bad financial situation, I would love to help so wud u plse email me to rpelley5@?

Answer 3

7 years

Answer 4

About a year. But remember it takes 10 years befor eyou can have it scrubed from your credit report. Take a look at credit management before you claim.

Answer 5

ok it takes about 6 months before everything is finalized and as far as peeps saying 7 years for the most part thats true i filed 3 years ago and right at the 3 year mark i was able to get a credit card through visa my credit limit is only $ but my credit is looking good

Answer 6

Depends on certain laws in certain states. I did in TN 4yrs ago. It was discharged 2 yrs after filing. There were no income limits. TX seems to have the same law with a few stipulations. With the new law in place it may be more difficult. Research and find out what your laws are first, b/c some require for you to take a 90min class at a minimum of $100 or more, depending on where you are--which is ridiculous b/c if you had the money--you wouldnt be filing!!!!! Its politics! I dont regret filing. It takes patience. It stays on your credit rep for 10yrs also! But many firms are willing to hlp you reestablish your credit, of course at higher APR rates, or meet certain eligibility requirements.

Answer 7

I filed chapter 7 or 13, cant remember, but it did officially get off of my record for 10 years and I wouldnt advise getting any more debt than what you have because the creditors know that you cant file for bankruptcy again until about (I think 6 years) so they WILL sue you or take it directly out of your pay. Hopes this helps.

Answer 8

When you file for bankruptcy your attorney will do what is called a means test which will calculate your debt verses your income to see if you qualify for chapter 7. It takes about 60 days to be discharged (45 days after your hearing with your creditors) and there are 2 counseling sessions that you must complete in order to be discharged. One has to be done prior to filing and the other must be done prior to discharge and they both cost on average . It takes 10 years for the bankruptcy to come off of your credit report so think long and hard about this before you file. If it is possible to receive credit counseling to get things cleaned up, try to go that route first. An attorney will advise you on the best thing for your situation. Most attorneys will require that their fees are paid in full prior to filing your case depending on how much debt you have. The more debt that he has to get discharged for you, the more fees you will have to pay. We just went through all this and ours should be discharged in about 10 days. good luck