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How long does it take to 'discharge' a Chapter 7 bankruptcy?

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AzDar Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-16-06 09:13 AM
Original message
How long does it take to 'discharge' a Chapter 7 bankruptcy?
Does anyone know?
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ixion Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-16-06 09:14 AM
Response to Original message
1. 7 years, I believe
but I could be wrong. :shrug:

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Wickerman Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-16-06 09:15 AM
Response to Original message
2. look up Chapter 7 bankruptcy "your state"
in google. I believe there are varying rules. But, of course, I am not sure and I'd doubt whatever you hear on a message board. :D
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AzDar Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-16-06 09:18 AM
Response to Reply #2
4. LOL...you are probably right. Troublesome thing is, since this new
"reform" has passed, I'm getting different answers from different B.K. attorneys here in my State (AZ).I don't think even THEY can figure it out.
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carolinalady Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-16-06 09:16 AM
Response to Original message
3. a couple months- see below
we filed chapter 7 a few years ago in august and it was discharged in January. It might take a little longer right now because of the huge volume of filers before they changed the law.
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BiggJawn Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-16-06 09:20 AM
Original message
Did you get inundated with offers to sell you a car then?
I sure did. Of course, now that's it's been almost 7 years since the Ch. 7 was discharged, all I get are pre-approved credit card offers.
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carolinalady Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-16-06 09:22 AM
Response to Original message
11. No but it wasn't long before I started getting the old credit card
Edited on Mon Jan-16-06 09:22 AM by carolinalady
offers as well . My husband and I throw them away. We recently bought a car and I found out that my credit rating is already back up to 687. I could not believe it. It will be 3 years This August since we filed.
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NMDemDist2 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-16-06 09:25 AM
Response to Original message
15. I got tons and still get a few 18 months later.. n/t
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AzDar Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-16-06 09:20 AM
Response to Reply #3
6. Thank you! Need to make a decision, and it's very difficult when
all the info (even from attorneys!) conflicts.
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rusty_parts2001 Donating Member (728 posts) Send PM | Profile | Ignore Mon Jan-16-06 09:21 AM
Response to Reply #3
9. Bankruptcy Discharge
Creditors have 60 days from the meeting of creditors to file objections. Assuming no objections are filed, a discharge usually follows within the next 30 days. From the filing to the discharge, it typically takes 5 months for a case to be completed.
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NMDemDist2 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-16-06 09:22 AM
Response to Reply #9
12. welcome to DU rusty_parts2001!
:hi:
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warrens Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-16-06 09:19 AM
Response to Original message
5. Chapter 7 is virtually impossible now anyway
Basically, once the judge approves a Chapter 7 filing, it is "discharged." If you mean, how long before you can file again, it's seven years. But the new BK bill makes it nearly impossible to go Chapter 7 if you have any income.
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AzDar Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-16-06 09:22 AM
Response to Reply #5
10. In Arizona, they go by "median income"...which I can just squeak under..
if I hurry!
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NMDemDist2 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-16-06 09:20 AM
Response to Original message
7. hell, I'm already 17 months into payments on my Chap 13 and I dont
Edited on Mon Jan-16-06 09:21 AM by AZDemDist6
even have a signed agreement yet....

they are REALLY backed up in BK court these days

edit to add, I have an excellent BK attorney who's a solid Democrat too, PM me if you need his name.....
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AzDar Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-16-06 09:25 AM
Response to Reply #7
14. I went 13 originally (2003) ; after 9 months of having the Trustee
bump my plan payment up to eventually having it become almost as much as my mortgage,I dismissed it. Now 7 seems like the way to go; I just wish I had figured this out before October of last year!
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NMDemDist2 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-16-06 09:26 AM
Response to Reply #14
16. with the news my business is closing, I may have to do the same
we'll see.....
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AzDar Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-16-06 09:34 AM
Response to Reply #16
17. I am sorry to hear that. I hope you make it through,especially so
far into it.
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lonestarnot Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-16-06 09:20 AM
Response to Original message
8. This is not legal advise, but it stays on your credit record for 10 years.
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carolinalady Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-16-06 09:24 AM
Response to Reply #8
13. see my post #11 above
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sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-16-06 09:41 AM
Response to Reply #8
19. ON a credit report when does a charge off fall of is that 7 years too?
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carolinalady Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-16-06 09:47 AM
Response to Reply #19
20. I do not know but they look at your credit score. A few months
after our bankruptcy was discharge we had a credit score of zero-meaning no record. Now less than 3 years later-my score is 687. Over 700 is considered "excellent credit".
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lonestarnot Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-16-06 10:52 AM
Response to Reply #19
21. Not legal advise again but yes 7.
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FloridaPat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-16-06 09:37 AM
Response to Original message
18. Mine was done in 5 months too. I've heard 60% of the Chap 13
don't make it through the 3-5 years. I imagine it will be worse now.
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