You must wait at least 6 years from the date of filing your previous Chapter 13 bankruptcy, to file for Chapter 7 bankruptcy and receive a discharge (unless the exception applies).

Can you declare bankruptcy after foreclosure?

A deficiency judgment is one of the most common reasons people file bankruptcy after foreclosure. A Chapter 7 bankruptcy case eliminates the deficiency judgment. Therefore, filing a Chapter 7 bankruptcy case can stop wage garnishments and other collection efforts by the mortgage company.

Can I transfer my property before bankruptcy?

You are able to undertake such a transfer either pre or post bankruptcy. To transfer the equity pre bankruptcy, you have to effectively “sell” your share of the equity in your house to your spouse.

How long before I can file another bankruptcy?

Some of the more common occurrences include: One case pending within 12 months: If you had one prior bankruptcy case pending within the previous 12 months that was dismissed, you could probably file a second case, but the automatic stay will last for only the first 30 days of the latter case.

When to transfer property before filing for bankruptcy?

Timing is also important – generally the “look back” period for a trustee is two years prior to filing but can vary by location and could extend back ten years.

How long does it take to file Chapter 13 bankruptcy?

Since most Chapter 13 cases that result in a discharge last more than 2 years (three to five years), as a practical matter, most people can file a new Chapter 13 case immediately after they receive a discharge in a Chapter 13 case. Chapter 7. Chapter 13. Must wait 4 years after filing earlier case.

How long after filing bankruptcy can I buy a house?

The factors that determine how soon you can buy a house after filing bankruptcy include which type of bankruptcy you choose, the particular lender, and your credit report. Before going further, here is a brief description of the two types of consumer bankruptcies available for you.