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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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How long do you have to be out of your house after filing chapter

Resolved Question:

How long do you have to be out of your house after filing chapter 7 bankruptcy? How long before you are able to get a loan after filing chapter 7 bankruptcy? How much does filing Chapter 7 bankruptcy cost?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.

Hi JACustomer,

Are you asking about Bankruptcy rules regarding getting a loan after filing a Bankruptcy, or are you asking how long one generally has to wait before a lender will issue a loan to someone who has recently filed a Bankruptcy?

 

Customer: replied 5 years ago.
asking how long one generally has to wait before a lender will issue a loan to someone who has recently filed a Bankruptcy?
Expert:  cfortunato replied 5 years ago.

1) If the mortgage is not being paid, filing a Bankruptcy will only postpone a foreclosure proceeding. A Bankruptcy has no other effect on a foreclosure. That means that someone who files a Bankruptcy has to leave their home at the same time as someone who is not paying the mortgage but does not file a Bankruptcy. Either way, the homeowner does not have to leave the home until the house sells at a foreclosure sale. This can take as little as 6 months after defaulting on the mortgage (plus up to a 6-month postponement for a Bankruptcy) and it can easily take years.

2) Lenders will generally lend money to a Bankruptcy filer in approximately one year after a Bankruptcy is filed. The reason is they know a Bankruptcy filer must wait 8 years before filing another Bankruptcy.

3) The filing fee for a Chapter 7 Bankruptcy is $299. If the filer makes less than a certain amount, the fee can be waived.

 

I think this is what you wanted to know. If not, please let me know.

Thank you!

 

 

cfortunato and 4 other Bankruptcy Law Specialists are ready to help you
Customer: replied 5 years ago.
where do you file for a chapter 7 bankruptcy for that price?
Expert:  cfortunato replied 5 years ago.
Thank you for accepting my answer!
$299 is the filing fee for all Bankruptcy courts.
If you want an attorney to file the Bankruptcy for you, most attorneys charge around $1,200.