Lyons, GA Bankruptcy Law Firms & Lawyers

Most debtors keep their vehicles in chapter 7 bankruptcy under Colorado exemption law. It depends on how much equity you have in the vehicles and whether you are current on any vehicle loans. Get a free consultation with an experienced bankrupty attorney, since more facts are needed to determine if you lose your car in bankruptcy.

The waiting period for filing a Chapter 7 case: 1. If you received a discharge in the first Chapter 7 case, you have to wait 8 years from the filing date before you can file another 7. 2. If you received a discharge in a prior Chapter 13 case, the time limit depends on whether you paid back more than 70% of your unsecured debt in the prior case. If you did, there is no waiting period. If you did not, you have to wait 6 years after the filing of the 13. 3. If you did not receive a discharge, there is no waiting period. The waiting period for filing a Chapter 13 case: 1. If you received a discharge in a prior chapter 7 case, you can file under chapter 13 case at any time. However, if you file the 13 within 4 years of the date you filed the 7, you will not receive a discharge. (Some do this anyway to catch up on a mortgage arrearage.) 2. If you received a discharge in a prior Chapter 13 case, there is a 2-year waiting period - but since nearly every 13 takes longer than 2 years to complete, this rule rarely applies. 3. As with filing under Chapter 7, there is no waiting period if you did not receive a discharge in the prior case.

When a bankruptcy is filed there is what is called an "automatic stay." This means that creditor action must stop immediately upon filing because there is a restraining order that prevents collection. Creditors will not be allowed to pursue further action unless they receive permission from the bankruptcy judge after a hear for "relief from automatic stay." This occur, for example, if you fall behind on a secured debt such as an automobile.