How long does Chapter 13 take to file?

The Chapter 13 process The Chapter 13 filing process generally takes 95 days from the filing of the petition to the approval of the repayment plan. But the bankruptcy won’t actually be discharged until the three- to five-year plan is completed.

How bad is it to file Chapter 13?

Although a Chapter 13 bankruptcy stays on your record for years, missed debt payments, defaults, repossessions, and lawsuits will also hurt your credit and may be more complicated to explain to a future lender than bankruptcy.

How often can you file a chapter 13 bankruptcy?

If you previously filed a Chapter 13 case and received a discharge and are looking to file a Chapter 13 case again, you have to wait at least two years from the filing date of the first case before filing the second case. This is pretty rare. The minimum length of a Chapter 13 repayment plan is 3 years.

When do you have to file Chapter 7 bankruptcy?

For Chapter 7 bankruptcy filings, you must wait eight years from the filing date of your previous petition. Filing prematurely before those eight years have expired, you will not be granted a discharge. The eight years start counting from the date the prior Chapter 7 bankruptcy was filed. Filing a Chapter 13 after a Chapter 7 discharge (4 years).

What kind of bankruptcy do I need to file?

The Bankruptcy Code provides for three types of consumer bankruptcies known as Chapter 7 bankruptcy, Chapter 11 bankruptcy, and Chapter 13 bankruptcy. A Chapter 7 bankruptcy eliminates most debt, including credit card debt, without requiring repayment of any kind.

How long does a Chapter 7 bankruptcy stay on your credit report?

How long it shows up depends on which type of bankruptcy you file. Chapter 7 bankruptcy remains on your credit report for 10 years after the filing date. A completed Chapter 13 bankruptcy remains on your credit report for 7 years after the filing date, or 10 years if the case was not completed to discharge .

How often can you file bankruptcy under Chapter 13?

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.

What to do with your money after filing Chapter 13?

If you file a Chapter 13 bankruptcy petition and your case is confirmed, you have shown the court and the Trustee that you have sufficient income to pay your ongoing expenses and also repay your creditors in part. The money you make after the filing date should first be used to make your monthly plan payment to the Trustee.

Can a wage earner file a chapter 13 bankruptcy?

Chapter 13 bankruptcy, often referred to as a wage earner’s plan, is another potential route to take, and you only have to wait four years to file after filing Chapter 7. What is Chapter 7 bankruptcy? Chapter 7 bankruptcy allows you to become debt-free through what’s often referred to as a liquidation process.

How long does Chapter 13 stay on your credit report?

Chapter 13 and Your Credit Report A bankruptcy can remain on your credit for up to ten years after the filing date. You can count on a Chapter 7 case showing up for the entire ten years. However, a credit reporting agency will typically remove a Chapter 13 bankruptcy sooner because it involves repaying creditors.