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How long after a bankruptcy is discharged can you file..pls read.

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    #1

    How long after a bankruptcy is discharged can you file..pls read.

    I filed bankruptcy in October of '98 after a lengthy divorce before I remarried. I am remarried and now we are having trouble financially with our mortgage (which is currently in short sale hoping to avoid foreclosure) and our our of control credit card debt that we used to try to help with our payments and my lay off from work. In March of 2006 it was 7 years since my bankruptcy. I know it stays on your credit for 10 years, but I am wondering if we needed to file bankruptcy, can I do that? How long do I have to wait if this house forecloses before I could file?
    Thanks!
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    #2
    Yes you can refile.
    Sometimes life make you deal with ugly and hateful people ,just think of them as sand paper. They may scratch you and rub you the wrong way but eventually you end up smooth and polished and the sand paper becomes old and worn out.

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      #3
      thanks for your reply.

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        #4
        You can file the day after the sale as long as you did not make a huge profit as long as it was sale in lieu of foreclosure and it wasnt sold to a insider (friend or family) I would talk to an attorney first to be absolutly sure. If you have not found a buyer you could go ahead and file now and surrender in the bk.
        Sometimes life make you deal with ugly and hateful people ,just think of them as sand paper. They may scratch you and rub you the wrong way but eventually you end up smooth and polished and the sand paper becomes old and worn out.

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          #5
          We haven't found a buyer and we aren't making anything at all off the sale. In fact, the investor who is helping our agent with this (he is the one that is going to buy it if the lenders agree to come down on the amount owed on the loan) is knocking the price down by about 40,000 (short sale) and of course, we'll have that on our credit for a few years, but aren't 100% sure that we are going to file bankruptcy right now. If the house ends up going into foreclosure, then we'll have to talk to a lawyer about filing.
          Thanks for your reply!

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            #6
            Oops, I mean the investor is the potential buyer if all goes well. I didn't mean that we dont' have a buyer....

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              #7
              You can file BK again if,............

              8 years have passed since your Ch 7 BK was Discharged OR 6 years have passed since you completed a Ch 13 Plan.

              So you should be good to go for a refile. Definitely give your Discharge date of your previous BK to attnys as you Consult around.

              About the Sale of the house,........... The Trustee will most definitely be interested in how your Sale goes.

              We sold our house in June before filing in September. At our 341, that was one of the questions the Trustee asked. As he was flipping thru our paperwork, he referred to our HUD1 Statement. The Trustee said, "And let's see how you did on the sale of your house. Oh! I see you lost money." Like you, we were pretty much break even on Sale price to costs to sell. And that's all there was to it.

              If you do get the deal together, be sure to get copies of all Closing Documents for your attny. Any attny will surely wanna submit that info to the Trustee in advance OR,........ The Trustee will most likely request it at some point.
              Filed Ch 7 - 09/06
              Discharged - 12/2006
              Officially Declared No Asset - 03/2007
              Closed - 04/2007

              I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

              Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

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                #8
                Thank you. That's very helpful information. I believe if we do have to file bankruptcy, I'll need to wait until March 08 then, because I filed in October, but it wasn't closed until March of 99.

                Thanks again!

                Comment

                  #9
                  Originally posted by leo_075 View Post
                  Thank you. That's very helpful information. I believe if we do have to file bankruptcy, I'll need to wait until March 08 then, because I filed in October, but it wasn't closed until March of 99.

                  Thanks again!
                  Not Closed. Discharged is the info you need.

                  When was your previous BK Discharged??!! That's what you need to know.

                  If you filed in October and had your 341 sometime in November, then chances are your Discharge date was sometime in January, possibly. Maybe February.

                  Even still,............ 8 years from March of '99 is March of '07 if you previously filed a Ch 7.
                  Filed Ch 7 - 09/06
                  Discharged - 12/2006
                  Officially Declared No Asset - 03/2007
                  Closed - 04/2007

                  I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

                  Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

                  Comment

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