When to file Chapter 7 or Chapter 13 bankruptcy?

Chapter 13 before Chapter 7. If the court granted your first discharge under Chapter 13 bankruptcy, you’d need to wait six years (from the Chapter 13 bankruptcy filing date) before filing for a Chapter 7 discharge. You won’t have to wait that long, however, if you paid unsecured creditors in full in the Chapter 13 case, or,…

Is there a 180 day waiting period for bankruptcy?

A 180-day waiting period may apply if you failed to obey a court order or appear in the case, or you voluntarily dismissed the case after a creditor filed a motion for relief from the bankruptcy stay. You might be able to file again, but you probably won’t be entitled to a discharge of the debts listed in your first case.

What happens at the end of a bankruptcy?

At the end of your bankruptcy case, you get a bankruptcy discharge. The bankruptcy dischargeis a court order that the people you owed money to cannot do anything to collect those debts from you. (If the debts are attached to your house or car, they can still go after the property; but they cannot go after you.)

When did Federal Housing Finance Agency rescue Fannie and Freddie?

Federal Housing Finance Agency. 2008-09-07. Archived from the original on September 9, 2008. ^ Goldfarb, Zachary A.; Cho, David; Appelbaum, Binyamin (2008-09-07). “Treasury to Rescue Fannie and Freddie: Regulators Seek to Keep Firms’ Troubles From Setting Off Wave of Bank Failures”.

When was the last time there was a bankruptcy?

Following the last recession (December 2007 to June 2009), overall bankruptcy filings peaked in 2010. Chapter 7 consumer bankruptcy filings have declined since 2010, (see Chart 1) and Chapter 13 filings have leveled off in the last few years (see Chart 2 ).

Is there a decline in Chapter 7 bankruptcy?

Chapter 7 consumer bankruptcy filings have declined since 2010, (see Chart 1) and Chapter 13 filings have leveled off in the last few years (see Chart 2 ). The percentage of total filings that Chapter 7 filings accounted for has declined since 2010, whereas the percentage of total filings under Chapter 13 filings has increased (see Chart 3 ).

Where are the most Chapter 13 bankruptcy filings?

Table 2 shows the 25 federal judicial districts in which Chapter 13 consumer bankruptcy filings constituted the highest percentage of total consumer bankruptcy filings from 2006 to 2017. Of these districts, 23 (92%) are in southern states.

How many bankruptcy cases were filed in the US in 2017?

In the 12-year span from October 1, 2005 to September 30, 2017, about 12.8 million consumer bankruptcy petitions were filed in the federal courts. Of those, 8.7 million–68 percent–were filed under Chapter 7, and 4.1 million– 32 percent–were filed under Chapter 13 (see Table 1 ).

Can you file bankruptcy again after a 180 day waiting period?

Unless the court orders otherwise, you can file again. A 180-day waiting period may apply if you failed to obey a court order or appear in the case, or you voluntarily dismissed the case after a creditor filed a motion for relief from the bankruptcy stay. The court denied your discharge

How are debts dischargeable in a Chapter 7 bankruptcy?

The general scheme in the bankruptcy code is that all debts are dischargeable unless they are specifically excepted from discharge. In a Chapter 7 case, for example, the general issue of dischargeability is addressed under Section 727 (b) which states in part:

When is a gross receipt tax dischargeable in bankruptcy?

There is no known evidence of a debtor having attempted it, however. Also dischargeable are unpaid income and gross receipt taxes which were assessed¹² more than 240 days prior to the filing of the bankruptcy petition. This is derived from an interplay between section 523 (a) (1) (A) (previously cited) and Section 507 (a) (8) (A) (ii).