life after bk7

[DM1]

so what happens after bk? i read something about that they monitor your expensenses,they won't let you spend on certain things, or is it a financial prison? is it really a fresh start? has anyone ever been audited? i'm filing for chapter 7. can someone explain it to me as if i was a 6 year old? the pros and cons, dos and don'ts.

[lrprn]

so what happens after bk? i read something about that they monitor your expensenses,they won't let you spend on certain things, or is it a financial prison? is it really a fresh start? has anyone ever been audited?

After your Ch 7 is discharged and closed, no one will monitor you or audit you. It really is a fresh start.

i'm filing for chapter 7. can someone explain it to me as if i was a 6 year old? the pros and cons, dos and don'ts.

This whole forum is devoted to the pros and cons and do's and don'ts of filing. There's no way to boil it down to a few sentences - there are just too many variables involved.

Here's a pretty simple explanation of Ch 7 without a lot of legal jargon - http://www.moranlaw.net/chapter7.htm . And here's another link on the same website that helps you sort out if you should file bankruptcy - http://www.moranlaw.net/consider.htm

[DM1]

life after bk7

After your Ch 7 is discharged and closed, no one will monitor you or audit you. It really is a fresh start.

This whole forum is devoted to the pros and cons and do's and don'ts of filing. There's no way to boil it down to a few sentences - there are just too many variables involved.

Here's a pretty simple explanation of Ch 7 without a lot of legal jargon - http://www.moranlaw.net/chapter7.htm . And here's another link on the same website that helps you sort out if you should file bankruptcy - http://www.moranlaw.net/consider.htm

thank you!

[jp2861]

After your Ch 7 is discharged and closed, no one will monitor you or audit you. It really is a fresh start.

This whole forum is devoted to the pros and cons and do's and don'ts of filing. There's no way to boil it down to a few sentences - there are just too many variables involved.

Here's a pretty simple explanation of Ch 7 without a lot of legal jargon - http://www.moranlaw.net/chapter7.htm . And here's another link on the same website that helps you sort out if you should file bankruptcy - http://www.moranlaw.net/consider.htm

I was reading somewhere that the trustee has 12 months after the discharge date in which they can reopen a case. Are we 100% in the clear after closing? If so, why the 12 month window? Other than undisclosed assets popping up or a large inheritance, what are some reasons that a trustee would need to reopen a case? I guess what I'm asking is are cases 100% in the clear after closing or 12 months after discharge? Is there someone here that is in the BK process daily that sees this type of thing happening?

[laurannm]

Is that true, can they reopen a case up to 12 months after discharge?

[magyar123]

I was reading somewhere that the trustee has 12 months after the discharge date in which they can reopen a case. Are we 100% in the clear after closing? If so, why the 12 month window? Other than undisclosed assets popping up or a large inheritance, what are some reasons that a trustee would need to reopen a case? I guess what I'm asking is are cases 100% in the clear after closing or 12 months after discharge? Is there someone here that is in the BK process daily that sees this type of thing happening?

Have to remember that once you file - especially a Chapter 7 -, and get a legal discharge of your debts,creditors consider you, more or less, a "financial terrorist" who screwed them over. They will do everything in their power to have you investigated.

[krielly]

Have to remember that once you file - especially a Chapter 7 -, and get a legal discharge of your debts,creditors consider you, more or less, a "financial terrorist" who screwed them over. They will do everything in their power to have you investigated.

Are you for real with this comment????? Or are you kidding?

[AMISLANDER]

I've never heard the "financial terrorist" thing, I should have been one when I really had the chance.

[Cassiopeia]

I was reading somewhere that the trustee has 12 months after the discharge date in which they can reopen a case. Are we 100% in the clear after closing? If so, why the 12 month window? Other than undisclosed assets popping up or a large inheritance, what are some reasons that a trustee would need to reopen a case? I guess what I'm asking is are cases 100% in the clear after closing or 12 months after discharge? Is there someone here that is in the BK process daily that sees this type of thing happening?

Re a large inheritance....it is 6 months after FILING BK that you must inform a trustee of an inheritance, large OR small.

After 6 months, no notification needed.

I know, I was in that precarious position. My mother died during my BK and my father (age 92) was left a widow and had had a couple of strokes, so it was touch and go with him.

Thanks be to God I am well over 6 months past my filing and my Dad is still alive and kicking! I do expect an inheritance upon his death.

[keepmine]

The only way a bk will be reopened if their is some strong allegation of fraud involving the filing. That info can come from a disgruntled spouse or business partner of a creditor that decided to dig deeper.
Nothing anyone really needs to worry about. The evidence will have to be pretty overwhelming to get the thing reopened.

[jp2861]

Have to remember that once you file - especially a Chapter 7 -, and get a legal discharge of your debts,creditors consider you, more or less, a "financial terrorist" who screwed them over. They will do everything in their power to have you investigated.

I was talking about the trustee NOT creditors. I don't really care what creditors think.

[jp2861]

from...Section 727. Discharge

(2) On request of a party in interest, the court may order the trustee to examine the acts and conduct of the debtor to determine whether a ground exists for denial of discharge.
(d) On request of the trustee, a creditor, or the United States trustee, and after notice and a hearing, the court shall revoke a discharge granted under subsection (a) of this section if -
(1) such discharge was obtained through the fraud of the debtor, and the requesting party did not know of such fraud until after the granting of such discharge;
(2) the debtor acquired property that is property of the estate, or became entitled to acquire property that would be property of the estate, and knowingly and fraudulently failed to report the acquisition of or entitlement to such property, or to deliver or surrender such property to the trustee; or
(3) the debtor committed an act specified in subsection (a)(6) of this section.

(e) The trustee, a creditor, or the United States trustee may request a revocation of a discharge -
(1) under subsection (d)(1) of this section within one year after such discharge is granted; or
(2) under subsection (d)(2) or (d)(3) of this section before the later of -
(A) one year after the granting of such discharge; and
(B) the date the case is closed.

I found where I read this. Like someone else said, fraud seems to be the biggie in someone trying to reopn a case. I would guess the chances of this happening would be pretty slim and whoever was attempting to reopen the case would have to have some pretty strong evidence of fraud. I guess if some overzealous creditor or trustee wanted to, they still have a 12 month window, after discharge, to reawaken the giant.

[hendry70]

Have to remember that once you file - especially a Chapter 7 -, and get a legal discharge of your debts,creditors consider you, more or less, a "financial terrorist" who screwed them over. They will do everything in their power to have you investigated.

This is the most ridiculous thing I've ever seen.

[PaKettle]

I've never heard of a case being re-opened after discharge. I'm sure it's possible but it must be VERY rare, and no doubt would be because major fraud was involved that became somehow known to the Trustee.