San Jose Bankruptcy Attorney discusses Requirements and Restrictions for Chapter 7 and Chapter 13 Bankruptcies
San Jose Bankruptcy Attorney discusses Requirements and Restrictions for Chapter 7 and Chapter 13 Bankruptcies
If you are considering filing for Chapter 7 bankruptcy (liquidation) or Chapter 13 (repayment plan) bankruptcy protection there are a few requirements and restrictions that you should be aware of. While this is not intended to be an exhaustive list, it highlights some of the critical factors that all consumers should know.
1. Credit Counseling Requirement:
a. Prior to filing his/her petition for bankruptcy under any chapter the debtor must complete a Credit Counseling Course. The cost for these classes can range from $30.00 to $50.00 and must be completed prior to filing for bankruptcy.
2. Timing Requirement:
a. A debtor who has previously been discharged in a Chapter 7 must wait 8 years to file another Chapter 7 petition.
b. A debtor who has previously been discharged in a Chapter 13 must wait 4 years to file a subsequent Chapter 7 bankruptcy petition.
c. A debtor who has previously been discharged in a Chapter 13 bankruptcy must wait 2 years to file a subsequent Chapter 13 petition.
3. Residency Requirement:
a. A debtor must reside in a state for a period of 2 years prior to filing the bankruptcy petition to qualify for that state’s exemption laws. This law is intended to prevent people from moving to another state for the sole purpose of obtaining more favorable exemption laws.
If you have a question regarding Bankruptcy please contact us at 1-800-941-6730 or visit www.bkanswers.com and we can connect you with one of our experienced Bankruptcy Attorneys. After you have spoken with one of our bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you. Our team of Bankruptcy Lawyers can assist you with all aspects of your case. If you are have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your needs. Please feel free to complete our free bankrupcty evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
