Chapter 7 bankruptcy permits individuals and couples to have their past debts wiped away and get a new lease on their financial lives, essentially. Sometimes, though, people who have already filed Chapter 7 bankruptcy end up in a similar situation and wonder if they can file bankruptcy again. While the government has not imposed laws against the number of times a person can file Chapter 7 bankruptcy, they have drafted a law that imposes time restriction that could prevent certain debts from being discharged.
For starters, anyone who files Chapter 7 cannot file again unless eight (8) years have passed after their filing. For example, is an individual filed a Chapter 7 bankruptcy on December 1, 2013, they cannot, by law, file for another Chapter 7 bankruptcy again until December 1, 2021. Chapter 13 filers must wait six years to file another bankruptcy petition. If you are considering filing bankruptcy again, an experienced bankruptcy lawyer can help you determine when you will be eligible again.
If it is too early to file another Chapter 7 bankruptcy due to these time constraints, you may still have other legal options. You can still file a Chapter 13 bankruptcy, which will allow you to essentially reorganize your debts. This will not get rid of your debts completely like Chapter 7 did, however. Chapter 13 bankruptcy requires you to make monthly payments to your creditors based on your monthly income. This monthly payment should be more reasonable than your payments were before, however, and it will combine all of your debt into one monthly payment. Chapter 13 is often a great choice for those who are trying to keep their assets, such as their home and car.
We have helped numerous clients who were swimming in overwhelming amounts of debt. We take the time to intricately assess your financial situation, explain the different options you can choose from, and help you determine which solution is best for your family. Our main goal is to take the stress you are constantly juggling off your plate and help you start fresh.
Are You Considering Filing For Bankruptcy?
If you feel bankruptcy is the best option for your financial situation you need to speak with an experienced bankruptcy lawyer as soon as possible. Please contact us online or call our office directly at 888.348.2616 to schedule your free consultation.