How Many Times Can Bankruptcy be Declared?
Day One Credit
by user
3y ago
A question people often have is what happens if they need to file bankruptcy more than once? Many people just assume declaring bankruptcy is a once-in-a-lifetime last resort action they can take only once. In reality, there is no legal limit to how many times you can file bankruptcy. There are, however, very strict rules around how often you can file that vary by the type of bankruptcy you file. Bankruptcy 101: Differences Between Chapter 7 and Chapter 13 Cases The two types of bankruptcy most individuals file for is either a Chapter 7 or a Chapter 13. A Chapter 7 bankruptcy is usually the b ..read more
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What if I can’t afford to file bankruptcy?
Day One Credit
by user
3y ago
The actual court fee you have to pay when filing bankruptcy is not very expensive, and you might be able to get help with it if you need it. The more expensive part is hiring a bankruptcy attorney to guide you through the process and handle filing your case. The cost of filing a Chapter 7 bankruptcy in southern California, for example, is only $338, and even less for a Chapter 13 bankruptcy ($313). But if even that would be a hardship, you might qualify for a fee waiver that will let you pay the court fee in installments. The cost of a bankruptcy attorney is an additional expense you have to p ..read more
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How can I get a car loan after filing bankruptcy?
Day One Credit
by user
3y ago
One of the worst myths out there about bankruptcy is the assumption there’s no way you can get a car loan if you need one after filing bankruptcy. People end up paying what little cash they can scrape together for a horrible car that ends up being more trouble than it’s worth. Please know it is possible to get a car loan in spite of a bankruptcy, but you have to find the right kind of lender who offers a bankruptcy car loan. It’s true that many lenders won’t approve a car loan for you if you have a bankruptcy case open or even if it’s discharged for a couple years. But there are other lenders ..read more
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Will I lose everything if I file for bankruptcy?
Day One Credit
by user
3y ago
Most people understand very little about bankruptcy, which is why some resist filing bankruptcy even when it would be the best thing for them to do. One of the biggest myths out there is that people just assume filing bankruptcy means they’re going to lose everything. Not true! Bankruptcy laws were designed to help you either eliminate or catch up on your debts, and to do so while making sure you get to keep what you need, including your house, a vehicle to drive, your retirement fund, and all the basic personal possessions you need. But if you have tons of debts and also have lots of assets t ..read more
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Isn’t filing bankruptcy a sign of failure?
Day One Credit
by user
3y ago
Many people resist filing bankruptcy even when they should because they think it’s a sign of failure. How you view your bankruptcy is your choice. A lot of people assume filing bankruptcy is a sign of failure because they assume the person filing has been irresponsible. That may be true for some, but there are just as many who are forced to file bankruptcy through no fault of their own. There are many reasons people file bankruptcy. If you lose your job in the middle of an economic recession, bankruptcy might become your best option. Others might get hit with giant medical bills they weren’t e ..read more
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Will filing bankruptcy ruin my credit forever?
Day One Credit
by user
3y ago
People filing for bankruptcy often ask this question: Will bankruptcy ruin my credit forever? The short answer is no, but it is a little more complicated than that. Here’s what you need to know. When you declare bankruptcy, it does stay on your credit report for anywhere from seven to ten years depending on the type of bankruptcy you filed. While that bankruptcy is on your credit history, some lenders may view it as a red flag, which in turn means you may find it difficult to obtain new loans or lines of credit. That’s the potential negative impact of bankruptcy on your credit. But there are a ..read more
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Have Bankruptcies Increased During the Pandemic?
Day One Credit
by user
3y ago
Although the economic impacts of the recession caused by the novel coronavirus and COVID-19 pandemic have varied widely by industry and even from person to person, everyone agrees it’s been severe. And yet personal bankruptcy filings in 2020 were the lowest they’ve been since 1986! In fact, bankruptcy filings actually went down by nearly 30% in 2020 compared to 2019. What exactly is going on here? For Most People, Bankruptcy is the Absolute Last Resort Job loss is one of the major causes of bankruptcy, but it takes a while for it to really kick in. Because so many people have a negative, sti ..read more
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Do I need a bankruptcy car loan after my case is discharged?
Day One Credit
by user
3y ago
When your bankruptcy case is discharged and over, you might think you wouldn’t need a bankruptcy car loan to buy your next ride, but chances are good you will still need one. Remember that after your bankruptcy is fully discharged, the bankruptcy will still be listed on your credit report for 7-10 years. Many lenders will see it as a red flag and won’t consider you for a car loan. Other lenders might say they will only consider you after at least two years have passed after your bankruptcy discharge, and they still might reject you at that time as well. If your bankruptcy has been discharged b ..read more
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Is there a difference between Chapter 7 and Chapter 13 timing?
Day One Credit
by user
3y ago
The timing of when you apply for a bankruptcy car loan is slightly different depending on the type of bankruptcy filing you make. If you’re filing for Chapter 7 bankruptcy, the timing is easy. As soon as your case has been filed with the bankruptcy court and you have a court-assigned case number, you can apply for a bankruptcy car loan. If you’re filing a Chapter 13 bankruptcy, however, the timing is little different. Because a Chapter 13 bankruptcy involves a payment plan put together and managed by a court-assigned bankruptcy trustee or judge, you have to wait a little longer before you can ..read more
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When should I apply for a bankruptcy car loan?
Day One Credit
by user
3y ago
When you need to finance a car purchase with a bankruptcy car loan, it is important to pay attention to the timing of when you apply for the loan. If you haven’t yet declared bankruptcy but are about to, you should wait until after you have filed your bankruptcy before applying for bankruptcy car loan. When you’re about to file for bankruptcy, many lenders will see your heavy debt load and will likely to reject your loan application. But you’re also not yet eligible for a bankruptcy car loan until after you’ve filed your bankruptcy. That’s why waiting to apply for the loan until after you file ..read more
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