QUESTION
How long do you have to wait to file bankruptcy?
Asked on Oct 29th, 2016 on Bankruptcy - Colorado
More details to this question:
There is going to be emergency home repairs, as I have just found out there is a huge problem. I was going to file bankruptcy already and I'm worried the bill is going to be too much for me to pay back. If I can't pay it more than the deposit, can I include it in my bankruptcy that I am working on? Or is that fraud? How long would I have to prolong waiting to file?
5 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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In bankruptcy, fraud means that you gave false information to get credit. So, if you fill out an application and lie about your income - that's bankruptcy fraud. If the builder just asks you to sign a contract, then no fraud is involved.
Answered on Nov 04th, 2016 at 6:16 PM
I think it is unlikely that including a recent debt in your bankruptcy would be considered as FRAUD, but under 11 USC sec 523, you may not be able to eliminate this debt in bankruptcy if the creditor objects. Even so, you are required to include all your debt in any bankruptcy filing. Rather than dancing on the edge of a cliff, I urge you to obtained experienced representation to deal with any potential problems with your case.
Answered on Nov 03rd, 2016 at 6:18 PM
You should sit down face to face with a lawyer to discuss your situation. This could (potentially) be problematic.
Answered on Nov 03rd, 2016 at 6:17 PM
2 Awards
You really should make minimum payments for at least six months in order to avoid a fraud allegation.
Answered on Nov 03rd, 2016 at 6:17 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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Incurring a debt with the intention of discharging it in bankruptcy is fraud. You would do best to work out terms of payment with the construction people. It's often possible. As to a 'waiting period' before filing, there's no hard and fast rule. Something more than 90 days from the date of the final bill Might be enough to ward off suspicion-but it might not. It's almost always worth the investment to hire an experienced bankruptcy lawyer to advise and represent you.
Answered on Nov 03rd, 2016 at 6:17 PM