BK Timeframes in this Economy??

[miracle198]

Hello!

So I finally decided today (after deliberating for about a year) to file Chapter 7. The "straw" was a letter in the mail from NJ MVC stating that my driver's license was being suspended due to a judgement that had been filed against me. I have a consultation scheduled with a really reputable BK attorney.

I am wondering, though. With the state of the economy and undoubtedly more people filing for BK and more cases in BK courts, is the typical 3 month timeframe (no asset, straight BK) still the norm or are some of you finding it's taking much longer?

Thanks All!

[AngelinaCatHub]

Yes at this time, that is the norm. However, I have never heard of a Judgment (except for child support or alimony) impose a suspension of a drivers license.

The automatic stay should stop this suspension, or reverse it until the bk is over.

If you are an asset case the bk is longer but for now, you are correct.

P.S. Welcome. 'Hub

[spetkovich]

Once the judgment debt is discharged in Bankruptcy, you will need to take a copy of your discharge to the DMV or related agency that handles the matter in your state, and the discharge operates in lieu of a satisfaction of judgment.

The discharge does not "automatically" get your license back, necessarily-- you may still have to go down to the DMV, fill out some forms, and give them a copy of your discharge. However the effect is still there, as you will be able to discharge the judgment debt and regain your license.

[AngelinaCatHub]

Once the judgment debt is discharged in Bankruptcy, you will need to take a copy of your discharge to the DMV or related agency that handles the matter in your state, and the discharge operates in lieu of a satisfaction of judgment.

The discharge does not "automatically" get your license back, necessarily-- you may still have to go down to the DMV, fill out some forms, and give them a copy of your discharge. However the effect is still there, as you will be able to discharge the judgment debt and regain your license.

I don't know what state, laws, or kind of Judgment, but I would guess that the automatic stay would be adequate for a temporary DL. He may have to go to a traffic Court Judge or whatever. He needs to drive for these three months or so. 'Hub