What happens at the end of my bankruptcy?
How do I know when the case is over and will I receive anything from the Court?
Approximately three to four months after your case is filed and presuming there have been no objections, and you have completed the debtor education requirement, the Court will enter an order discharging all of your dischargeable debts. The Court will send an unsigned copy of this order to you, me and all of your creditors. This is your discharge and you should keep it in case you ever have to prove to anyone in the future that you received a discharge in the case. When
you get this you will know your case is over presuming there have been no objections and the trustee is not trying to sell any of your property.
Who pays the debts that are discharged in my bankruptcy?
The debts that are discharged are not paid by anyone. The only exception to this may be a mortgage on a house that is foreclosed on that is covered by the VA, FHA or private mortgage insurance (PMI).
What if I find myself in deep financial problems again after the bankruptcy is over?
Once you file a Chapter 7 you can’t file another chapter 7 again for another eight years. What most people don’t know is that these limitations do not apply to Chapter 13. So if you find yourself in trouble before eight years are up, you may be able to file a Chapter 13 bankruptcy to protect yourself.
What if I receive a letter or other threatening action from any creditor after the case is
over?
No problem. Just send them a copy of your discharge or have them contact me or send me the letter.
It is long after the case is over and I am trying to refinance and I need a copy of my discharge and creditors listed, where do I get a copy of these things?
If you have misplaced your discharge call us. We keep your file for ten years and we can locate your file and make another copy of whatever you need. Also, the court keeps the files available electronically. This makes it much easier to obtain copies and we can do this for many years after your case is closed. You may also obtain a copy from the Bankruptcy Court in person. Getting a copy from the court usually takes longer and they charge for this.
It is long after the bankruptcy is over and I am trying to refinance or buy a car or house and my credit report says I still owe some debt that was listed on my bankruptcy, what do I do?
You will need to send a dispute to the credit reporting company. The credit reporting companies are required by law to let you know how to make a dispute. Follow the procedures they instruct you. It will probably be a good idea to give them a copy of your discharge and list of debts which again you can obtain from me or the Court.
How long will bankruptcy be on my record?
Ten years. That is as the law exists today the credit reporting companies can keep this on your credit record for ten years. This of course does not mean it will take ten years to re-establish credit. If after bankruptcy you maintain your payments to all creditors utilities and other bills on a timely basis, you should be able to get credit again much sooner than ten years. A good rule of thumb is two to three years after bankruptcy you should be able to obtain financing for a house or car and some other kinds of credit. This is only a rule of thumb, if the economy has a
downturn and credit tightens up, this could change.