I filed emergent Chapter 7, paid a 50.00 filing fee, but then later decided to reorganize and never completed it. The case was dimissed. Am I under the two year waiting period as if I'd filed and completed the whol process?
John GillespieCriminal Defense AttorneyKissimmee, FL ·
You can file for loans the day after a bankruptcy is discharged, but that seldom is a good idea. You also can file for bankruptcy now if you want to do so. But filing for bankruptcy and trying to get loans seems to be inconsistent. You did not mention when the first case was filed or dismissed or why it was dismissed. That is relevant to whatever you are trying to accomplish.
I am not sure what the two year waiting period refers to, but if you did not get a discharge, you can file another Chapter 7. This time get an attorney so that everything goes smoothly.
The info about your Chapter 7 is going to stay on your credit report for 10 years. The damage that has been done to your credit score from filing is not going to disappear because your case was dismissed. The harm from your bankruptcy meant your credit score lost a lot of points. And if you still owe all these old debts which can damage your credit two ways - the balance you owe is your debt load, and if your payments on these delinquent, you will continue to lose points every month on every account. Most creditors grant credit not because a bankruptcy has or hasn't been filed but because of your FICO score. Before applying for credit, you should ask the lender what their lending requirements are. Then check your FICO score before applying for credit. Don't apply for any new credit unless you know for sure you will be approved. Hope this perspective helps!
Unless there is a Local Rule within your district relating to a two-year waiting period, I would highly doubt you would have to wait to file another case. The waiting periods usually only apply to cases that have been discharged and closed.
Therefore, you should be able to refile your case under Chapter 7 or Chapter 13. However if you do choose to reorganize it may be worth contacting an attorney as this process is a tad more complex than a Chapter 7 case.
I hope this helps.
Matthew Brian PodolskyFamily Law AttorneyTampa, FL ·
I am not sure exactly what you are referring to when you cite a 2 year waiting period. Typically, the waiting period to refile for Chapter 7 is 8 years from the date of discharge. For Chapter 13 the waiting period is 6 years.
You can apply for loans immediately, whether or not you qualify for the loans will depend on each lender's specific underwriting guidelines.
It appears.you are referring to the rule that requires a two year period to pass from the date of your bankruptcy discharge to be eligible to apply for a Fannie Mae or Frddie Mac home loan. If this is what you are referring to, you are not under that limitation because your case was dismissed and you never received a discharge. However, if you had a home that was subject to forclosure, you must wait three years from the date of the final judgment before you become eligible for those loans. There is no waiting period for a conventional home loan that is not insured by Fannie or Freddie but it is unlikely you can qualify if you recently went through a foreclosure or bankruptcy.
The only time period that im absolutely certain of is that your case was dismissed with 180 prejudice period. In other words, absent a court order, you may not refile for 180 days of a dismissed case (unless the case was dismissed without prejudice, whicb is unlikely)
