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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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How long after you file for bankruptcy are you discharged from

Resolved Question:

How long after you file for bankruptcy are you discharged from credit debt?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.

Hi JACustomer,

For a Chapter 7 Bankruptcy, creditors must stop trying to collect anything from you as soon as you file, but in most cases, the actual discharge takes place 6 months after you file.


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

Customer: replied 5 years ago.
Almost done. Is it more advantageous to use one of those debt negotiating companies to knock down the debt to an affordable level instead of declaring bankruptcy? And if I do use one of those types of companies, is it possible to still keep any lines of credit still open? I have $38,000 of debt but, I don't like the idea of losing all my credit for 10 years if I can avoid it.
Expert:  cfortunato replied 5 years ago.

It is more advantageous to file a Bankruptcy, because 1) when you use a debt consolidation company, in most cases not all creditors will negotiate, and at the end of the debt consolidation program, there is often at least one creditor for whom you will still owe the entire debt; 2) the impact on your credit score will be similar for both debt consolidation and Bankruptcy; and 3) with a Bankruptcy you pay nothing to your creditors.

If you file a Bankruptcy, all your credit card companies will close your accounts. But you will be able to get new cards one year after you file. If you do debt consolidation, you will be able to keep any credit card that you continue to pay in full.

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