For many people, filing for bankruptcy is the only way they can get back on their financial feet. They know that they'll have to rebuild their credit scores and work hard to save money in case of emergencies, but bankruptcy gives them the time to reorganize, consolidate, and in some cases, be pardoned for their debt.
However, sometimes filing for bankruptcy doesn't help an individual get out of debt completely, or they've experienced another emergency that forced them to go back into debt. When this happens, they might have to file for bankruptcy once more.
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How and When Can I Refile?
People who need to file for bankruptcy should discuss their options with a financial advisor or a bankruptcy attorney. There may be less-damaging ways to pay back your debts without having to file for bankruptcy once more. If bankruptcy is your only option, they can help you determine which type of bankruptcy is best for you. However, there are time limits to the debt discharges you're allowed in each case.
If you choose to file for successive Chapter 7 bankruptcy, you cannot get a second discharge of your debts within eight years of the first filing. If you're filing for a second Chapter 13 bankruptcy, you cannot receive a second discharge within two years of the first discharge being filled. If a court refuses your second Chapter 13 filing, you might be forced to file for a Chapter 7 bankruptcy. This would only work if that second filing was 8 years after the first filing, however.
If you chose to file for a second, different type of bankruptcy, time once again comes into play. If you filed for a Chapter 13 the first time and are now applying for Chapter 7, the filing must come four years after the first discharge is filled, or more than 70 percent of your initial Chapter 13 plan was paid off to the bets of your abilities.
If you initially filed for Chapter 7 and your second filing is for Chapter 13, you're ineligible for a second discharge until at least four years have passed since the first discharge was filled. There might be a situation in which your Chapter 13 is not approved, making it revert to a Chapter 7 filing, in which case it falls under the 8 year limit.
Filing Without Discharge
It's also possible to file for bankruptcy without asking for a discharge. You can file for a Chapter 20 bankruptcy-filing for a Chapter 13 immediately after a Chapter 7 discharge-because this allows you to legally be protected by the bankruptcy court while you try to pay off your debt. Because the terms and conditions of Chapter 20 bankruptcy vary from state to state, it's best to consult a bankruptcy attorney for advice.
No one wants to go into debt, and working your way out of bankruptcy can be daunting. However, with expert legal advice and a payment plan, you can make your best effort to becoming debt-free.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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