Filing for Bankruptcy Again
- By Chicagoland Bankruptcy
- •
- 27 Jun, 2014
If a person successfully files for bankruptcy, they may be able to have many of their debts discharged. However, some people may have significant debt that cannot be discharged legally or may suffer a financial crisis due to injury or misfortune. If this plunges a person back into a state of financial despair, they may... Read more »
If a person successfully files for bankruptcy, they may be able to have many of their debts discharged. However, some people may have significant debt that cannot be discharged legally or may suffer a financial crisis due to injury or misfortune. If this plunges a person back into a state of financial despair, they may look to file for bankruptcy again. However, there are limits in place regarding how soon a person can file after having debt discharged.
If you are considering filing a second or successive bankruptcy, we may be able to help you begin this process. There are some limitations on these successive discharges that can complicate the process significantly. To learn more about how we may be able to help you back onto the path to financial freedom again, contact the Joliet bankruptcy lawyers of the Law Offices of Stuart B. Handelman, P.C., at 815-722-2201.
Filing Successive Bankruptcies
Filing Successive Bankruptcies
When the courts consider whether a person is allowed to file for bankruptcy again, they first qualify the time limit according to whether a discharge was granted. If the discharge was granted, the time limits will be enforced.
Accordingly, the following time limits are set for filing successive bankruptcies:
Two successive Chapter 7 discharges require an 8-year break from the date of filing
Two successive Chapter 13 discharges require a 2-year break from the date of filing
A Chapter 13 discharge followed by a Chapter 7 bankruptcy requires a 6-year break
A Chapter 7 discharge followed by a Chapter 13 bankruptcy requires a 4-year break
Two successive Chapter 13 discharges require a 2-year break from the date of filing
A Chapter 13 discharge followed by a Chapter 7 bankruptcy requires a 6-year break
A Chapter 7 discharge followed by a Chapter 13 bankruptcy requires a 4-year break
Depending on what occurs in the first bankruptcy, these time limits can become complicated. If debts are not fully discharged, the waiting period may be changed accordingly. This confusion is one reason why retaining the services of a legal advisor is typically beneficial.
Contact Us
Contact Us
Bankruptcy can offer you another chance to develop financial stability, and we can help you when your previous bankruptcy has proven to be insufficient. Contact the Joliet bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C., by calling 815-722-2201 today.
Many people filing for bankruptcy do so in the hopes of stopping their lenders from foreclosing on their homes. Bankruptcy offers some powerful legal tools to help these people protect their houses and property from being repossessed by their creditors. However, completely preventing a foreclosure is not guaranteed in all cases of bankruptcy. If your... Read more »
When a debtor files for bankruptcy, they may want to give certain creditors priority of payment. However, priority is a complicated issue in these proceedings. In many situations, a debtor will have little to no say about which creditor is given priority during repayment or after liquidation. In these situations, it is often the decision... Read more »
With the help of a bankruptcy attorney, a person may be able to carefully handle their debt problems and lower or eliminate their obligations to creditors. However, this doesn’t mean that a person can intentionally rack up debt before filing for bankruptcy. If a person uses their credit cards heavily before filing for bankruptcy and... Read more »
