If you want to file a chapter 7 bankruptcy now, then you must wait to file:

- 8 years from the date you filed your past chapter 7 case

- 8 years from the date you filed your past chapter 11 case

- 6 years from the date you filed your past chapter 12 case

- 6 years from the date you filed your past chapter 13 case

If you want to file a chapter 13 case now, then you must wait to file:

- 4 years from the date that you filed your past chapter 7 case

- 4 years from the date that you filed your past chapter 11 case

- 4 years from the date that you filed your past chapter 12 case

- 2 years from the date that you filed your past chapter 13 case

There may be other reasons to file a bankruptcy earlier than the deadlines permit, so I still recommend that you seek out bankruptcy advice if you feel that you really do need to file for bankruptcy soon.  These deadlines apply only if you are seeking a discharge of your current debts, and received a discharge in your past bankruptcy case.

I haven’t looked at the numbers for all of the other states, but I did look at a few others, and it looks like the median income and the other numbers increased in at least those states too.  Hopefully, this is good news for the national economy in general!

In order to understand what my clients go through when they take this course, I recently took it from a course provider called ypside (at ypside.com).  They charge $15 for the course, which is a lot less than many of the other course providers out there!  I found the course to be pretty interesting.  Here is a summary of what happens during the course:

The course begins by asking you questions about what you already know about finances, such as what a budget is, or about money management.  After that, the course explains about the financial management course requirement (who has to take this, why, and when the course must be completed) and budget management (the importance of setting goals, how to set goals, the difference between short-term, medium-term and long-term goals).  Then the course provider discusses money management (thinking about what you want v. what you need; the importance of comparison shopping; budgetting your money by first tracking your spending, then reviewing your spending, and then creating a budget by taking into account your income; fixed and varied expenses, and learning to balance your checkbook; the importance of saving money, tips on saving your money, and how to figure out what type of account to put your saved money into; the importance of avoiding payday loans; forms of investments; information about insurance, including life insurance, disability insurance, health insurance and vehicle insurance).  The course provider then goes on to explain all about credit - listing the different types of credit; home, vehicle, student loans; secured v. unsecured credit.  The course provider discusses the importance of comparing credit offers, and then explains what predatory lending is.  The credit discussion concludes by explaining FICO and credit scores, as well as the impact of bankruptcy on your credit report.

Next, the course provider listed a lot of websites that provide free financial information to consumers, and then provided a nice summary of a lot of consumer-protection laws, including the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, and the Credit Card Act of 2009.  Lastly the course gives a thorough summary of the changes to bankruptcy law since the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) was enacted in 2005.

At the end of the 2 hours, you have to take a short quiz.  The course providers email you by the next day, giving you the certificate of completion.

Overall, I found the course to be very informative, especially about the consumer debt laws that protect people from abusive creditors.  I thought it was a lot more interesting than the pre-bankruptcy credit counseling course!

So in general, no – the trustee is not going to spend her time, energy and money checking on the value of your couches, kitchenware and clothing.  But if you have a special type of property, or if your home value is significantly lower than other homes in your neighborhood, then yes – there’s a chance that the trustee will indeed want to check the value you listed in your bankruptcy schedules.

If the bankruptcy case is still open, then I have my client send me the name and address of the creditor, along with the amount owed as of the bankruptcy filing date, and the approximate date or range of dates that my client incurred the debt.  I then prepare an Amended Schedule D, E or F (depending on whether this is a secured, priority, or unsecured debt), adding this additional debt to the bankruptcy.  There is a filing fee of $30 to revise Schedules D, E, or F, or the creditors’ matrix.  Once I receive the signed Amended Schedule back from my client, then I file it with the Bankruptcy Court.  Voila!  That’s it!

Now, if the bankruptcy case has been closed, then there is something else to consider.  Assuming that your case was a “no asset” case (the trustee did not receive any property from you), then technically, the forgotten debt was discharged in the bankruptcy, regardless of whether it was listed in the bankruptcy schedules.  Moreover, if you send the Notice of Bankruptcy and the Order of Discharge to the creditor, then the chances are pretty good that the creditor will back off.  Here is an excellent article by Alexander L. Edgar, Assistant United States Trustee, explaining the legal reasoning of why it is not necessary to reopen a closed “no asset” bankruptcy case to add a forgotten creditor.

Now, if your case was an “asset” case, and you had to turn over some of your property to the chapter 7 trustee, then in order to add another pre-bankruptcy debt to the bankruptcy, an additional, and more expensive step that must be taken before we can file the Amended Schedule.  Namely, we have to file a Motion to Reopen the client’s bankruptcy case, asking the court to reopen the case in order to include the forgotten debt.  There is a $260 filing fee to reopen chapter 7 cases.  Once the bankruptcy judge enters the order reopening the case, then all you need to do is file the amended schedule (along with the $30 filing fee).

Bear in mind that this only applies to debts incurred *before* the bankruptcy case was filed!  Debts incurred *after* your bankruptcy case was filed are not part of your bankruptcy case, and are not dischargeable in your bankruptcy case.

1. It is impossible to know the exact balance owed on the date your case is filed.  Banks and creditors tack on interest, late fees and penalties on a daily basis, and many of them don’t even know the balance owed on a particular date.

2. If you do not list the exact balance, then no problem: the creditors can always file a proof of claim form with the bankruptcy court, listing the exact balance owed on the filing date, which they then use for tax and other purposes.

The most important information to list in Schedules D, E and F is the creditor’s name and address.  This ensures that the creditor receives notice of your bankruptcy filing.  At that point, the creditor has the option of responding to the bankruptcy by either doing nothing, filing a proof of claim to clarify the correct balance owed, or disputing the dischargeability of the debt.  So basically, even if you list the wrong balance amount, or the balance owed as “unknown,” the debt to that creditor will be discharged in your bankruptcy case simply because you listed a debt to that creditor in your schedules.

1. the designated beneficiary of the education IRA must be either your child, stepchild, grandchild or stepgrandchild during the tax year that you made the contribution(s) to the account;

2. funds in the account that are pledged or promised to an entity (such as a bank or other type of creditor) in order to extend credit to you become property of the bankruptcy estate;

3. the amount of funds in the account must comply with the contribution amounts set by the IRS;

4. funds contributed to the account during the 365 days prior to the date you file your bankruptcy case become property of the bankruptcy estate;

5. funds contributed to the account more than 365 days prior to but less than 720 before the date you file your bankruptcy case do NOT become property of the bankruptcy estate if the amount contributed during that period of time was $5,475 or less.  Any amount exceeding $5,475 will be property of the bankruptcy estate.

Here is the announcement and here is the reason for the change.

1. The bankruptcy courts keep a file for every person who has filed a bankruptcy case.  Just like all court documents, the file contains a copy of every document filed in the case, including the person’s voluntary petition for bankruptcy, bankruptcy schedules, and anything filed by the trustee or any creditors.  If someone wants to know if you have filed for bankruptcy, then that person would have to go to the bankruptcy court where you have filed your bankruptcy petition.  Then they would have to look up the case number on the bankruptcy court’s public computers, and then request the file from the clerk.  Also, attorneys with access to federal records could also look at your file online.

2. Your creditors will know that you filed for bankruptcy because the bankruptcy court will mail them a copy of your Notice of Bankruptcy.

3. Regarding cases filed in the Northern District of California ONLY, your name will appear on the bankruptcy court’s online calendar page about 2 weeks before your creditors’ meeting, and will be accessible for another couple of weeks after the meeting.  After that, the bankruptcy court’s technology support team seems to remove the old calendars from the website entirely.  If you search your name on google (or other search engines, I imagine – I really don’t know though, as google is the only one I use) during the time that your name is listed on the court’s calendar, then your name will be associated with the bankruptcy court’s calendar page.  But like I said, it’s a very short-term association that lasts roughly 4-5 weeks.

4. If you have given someone permission to access your credit report, then your bankruptcy case number and the date you filed your case will be listed on the report for 10 years from the date your case was filed.