Is bankruptcy filing date pre or post-petition?
If you had the debt before the date of your bankruptcy filing, the debt is a pre-petition debt. If you took out a loan or incurred some other debt after filing for bankruptcy, it will be a post-petition debt. For instance, if you use a credit card before filing for bankruptcy, the debt is a pre-petition debt.
What is a pre-petition debt?
When it comes to filing Chapter 7 bankruptcy, debts incurred before filing are called pre-petition debts, that debtors are discharged from, whereas debts incurred after a filing are post-petition payments, which debtors still must pay on.
What happens after a bankruptcy petition is filed?
The moment you file your bankruptcy case, an automatic stay goes into effect. The stay prohibits almost all creditors from initiating or continuing any collection activities against you. A creditor cannot call you, send you collection letters, file a lawsuit, or otherwise attempt to collect its debt from you.
What are the 7 general steps in a bankruptcy proceeding?
Here’s what will happen next.
- You’ll file the bankruptcy petition.
- The automatic stay will stop creditors.
- You’ll turn over supporting paperwork.
- You’ll attend the meeting of creditors.
- You’ll complete a financial management course.
- The court will issue the bankruptcy discharge.
- The court will close the case.
What is a post petition fee?
If there is a post petition mortgage fee noticed and allowed, and the mortgage is paid directly by the debtor/borrower, then usually it is a fee added to the debt that must simply be paid from the sale of the home or prior to release of mortgage down the road.
What is bankruptcy post petition?
What Is Post-Petition Debt. Post-petition debt refers to any debt you incur or enter into “after” you have filed your bankruptcy petition. Debt entered into or incurred after you file your bankruptcy petition is not included in your bankruptcy and is not eliminated by your bankruptcy discharge.
What does pre-petition arrears mean?
Prepetition: this term is often used to mean anything that occurred prior to your filing for bankruptcy protection. For example, the amount that may be behind on your house before you file bankruptcy would be called a pre-petition arrears.
What is post petition interest?
Post-Petition Interest means any interest or entitlement to fees or expenses or other charges that accrue after the commencement of any bankruptcy or insolvency proceeding, whether or not allowed or allowable as a claim in any such bankruptcy or insolvency proceeding.
What is the average credit score after Chapter 7?
about 530
The average credit score after bankruptcy is about 530, based on VantageScore data. In general, bankruptcy can cause a person’s credit score to drop between 150 points and 240 points. You can check out WalletHub’s credit score simulator to get a better idea of how much your score will change due to bankruptcy.
What bankruptcy clears all debt?
Chapter 13 bankruptcy eliminates qualified debt through a repayment plan over a three- or five-year period. Chapter 7, Chapter 11 and Chapter 13 bankruptcies all impact your credit, and not all your debts may be wiped out.
What is post-petition mortgage fees expenses and charges?
Part 1: Itemize Postpetition Fees, Expenses, and Charges. Itemize the fees, expenses, and charges incurred on the debtor’s mortgage account after the petition was filed. Do not include any escrow account disbursements or any amounts previously itemized in a notice filed in this case or ruled on by the bankruptcy court.
What is post petition debt Chapter 13?
Post-Petition Consumer Debts Incurred Without Court Approval. During Chapter 13 bankruptcy all of the debtor’s income belongs to the bankruptcy estate. That is why using credit is forbidden – the debtor’s income cannot be used to repay post-petition creditors during the bankruptcy case without permission.
What is post petition debt?
Post-petition debt is all debt that you incur after your bankruptcy case is filed. These debts will not be a part of your bankruptcy case and cannot be discharged.
What is pre – petition payment?
Pre-Petition Payment means a payment (by way of adequate protection or otherwise) of principal or interest or otherwise on account of any pre-petition/pre-filing Indebtedness or trade payables or other pre-petition/pre-filing claims against the Loan Parties, including, without limitation, reclamation claims and materialmen’s liens.
When to claim bankruptcy?
The time during which a creditor must file is determined by the type of bankruptcy proceeding chosen by the debtor. Generally, creditors must file a proof of claim no later than 90 days after the first meeting of creditors in a Chapter 7, 12 or 13 case and within the time fixed by a court’s local rules in a Chapter 9 or 11 case.