Tag Archives: law

Bankruptcy: How Many Times Can I File?

 

photo     Well, if you are Donald Trump, you just keep filing bankruptcy.  Actually, The Donald never files, just his companies.  His casinos have filed multiple times.  But, those were all Chapter 11 bankruptcies, like the latest one linked to above.

What about Chapter 7 bankruptcy?  Is it one and done?

No, it is not.  Under current law, if you received a discharge in a Chapter 7 bankruptcy, you can file again 8 years later.  That is, 8 years from filing date to filing date.

That change was made, from the former 6 year limit, effective in October, 2005.

Actually, you can FILE another Chapter 7, but you could not get a discharge of your debts, so there would be no reason.

Among others, I predict a surge in bankruptcies near the end of this year, when that 8 year time limit expires on that splurge of filings that took place just before the 2005 changes.  Many thought it would be harder under the new law to file bankruptcy, and there was near panic as lines formed at bankruptcy courts across the country.

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Bankruptcy and RESPA

RESPA stands for Real Estate Settlement and Procedures Act. Especially in Chapter 13 bankruptcy cases, you need to know the correct numbers on your mortgage(s). Some provisions relate to how mortgage companies must handle escrow accounts, and various notices they must provide, and the timing for same. My favorite part requires your mortgage company toContinue ReadingContinue Reading

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Detroit Michigan Bankruptcy – Automatic Stay

utomatic Stay. Upon filing bankruptcy, whether Chapter 7, Chapter 11, Chapter 13, an automatic stay is imposed preventing creditors from taking ANY collection action against you:  telephone calls, letters, lawsuits, garnishments, repossessions, foreclosures, all stopped. Automatically. No judge even looks at the paperwork.  Although there is no paper anymore, all bankruptcy courts now use electronicContinue ReadingContinue Reading

Detroit Chapter 7 Creditors’ Meeting

DETROIT BANKRUPTCY COURT This is it!  Home of the Detroit, Michigan bankruptcy court.  Nothing marking it other than the address:  211 West Fort. The initial, usually, only, court date is held here on the third floor, for both Chapter 7 and Chapter 13 creditor meetings, or, 341 hearings.  Well, for certain counties in the EasternContinue ReadingContinue Reading

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9 Responses to Oh, Oh, Bankruptcy Danger: Omitted Creditor

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C Is For Creditor

man with muscles

   Creditors may not all look like this.  OK, probably none of them do.  But that is what some of them make us think they are, on their way to bashing our heads in if we don’t fork over the loot. Loot that we don’t have. The bankruptcy code defines creditor as: (A) entity thatContinue Reading

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Mortgage Balance Not Reaffirmed?

  Had a different question last week, from someone who did not reaffirm her mortgage in her Chapter 7 case, kept current on the  payments, but wanted to pay off the balance for less than what was owed on the mortgage balance. REAFFIRMATION Just to review, reaffirmation is the process for you to obligate yourselfContinue Reading

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3 Responses to What Is A Chapter 7 No Asset Report?