For Chapter 7s, once the filing is made, an automatic stay prevents further collection activity against you, with a few exceptions, such as child support proceedings. You will have a creditors meeting the following month, and you will get your discharge within three months of the creditors meeting. For Chapter 13s you will have a creditors' meeting and a plan confirmation meeting. Once your plan is confirmed, you will be required to make monthly payments to the Chapter 13 trustee for a minimum of three years, maximum five years, and receive your discharge upon completion of your payments.
For either chapter 7 and chapter 13 you will have to get a second certificate — known as a
financial education or debtor education certificate — from one of the court approved credit counseling companies proving you took a class (online, by phone, or in person). We will file that certificate with the Court for you.
Hi,
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Regards
Belinda Dawson
Thanks for sharing the information. Keep on doing the good work. Best Pensions
ReplyDeleteDifferent countries would really vary in terms of interest rates specially in housing loans. Leading to changes on their credit scores. However, car financing companies don't worry about credit scores anymore. These companies are capable of handling these cases because of their stability and experience.
ReplyDeleteFor chapter 13 bankruptcy the process lasts anywhere from 3 - 5 years. The process begins when you file a two-page petition starting Chapter 13 proceedings and pay a fee. You will be given a docket number, and all actions by creditors are stopped..
ReplyDeleteFor chapter 7 usually it takes a month or two once the bankruptcy papers are officially filed & also depends on the courts to set a date...