However, sometimes filing for bankruptcy does not help a person get completely out of debt, or they have encountered another emergency that caused them to incur debt again. When this occurs, they may need to file for bankruptcy again.
How and when can I re-file my tax return?
People who need to file for bankruptcy should consult with a financial advisor or bankruptcy attorney about their options. There may be alternatives to filing for bankruptcy that are less detrimental than filing for bankruptcy again. If you have no other choice but to file for bankruptcy, they can help you determine which form of bankruptcy is best. However, each case has a time limit for the debt discharges permitted.
If you choose to file consecutive Chapter 7 bankruptcies, you are not eligible for a second debt discharge within eight years of the first filing. If you file for a second Chapter 13 bankruptcy within two years of the first discharge, you cannot receive a second discharge. If a court rejects your second Chapter 13 bankruptcy petition, you may be required to file for Chapter 7 bankruptcy. This would only work if the second filing occurred eight years after the first.
If you choose to file for a second, distinct form of bankruptcy, time becomes a factor once more. If you filed for Chapter 13 for the first time and are now registering for Chapter 7, you must wait four years after the first discharge or have paid off at least 70 percent of your initial Chapter 13 plan.
If your first bankruptcy filing was under Chapter 7 and your second bankruptcy filing is under Chapter 13, you are not eligible for a second discharge until at least four years have passed since the first discharge. In the event that your Chapter 13 application is denied and reverts to a Chapter 7 filing, it falls under the eight-year limit.
Filing Without Discharge
Additionally, it is possible to file for bankruptcy without requesting a discharge. Chapter 20 bankruptcy entails filing for Chapter 13 immediately after a Chapter 7 discharge. This enables you to be legally protected by the bankruptcy court while you attempt to repay your debts. Because the terms and conditions of Chapter 20 bankruptcy differ by state, it is best to seek the counsel of a bankruptcy attorney.
No one desires to incur debt, and the process of emerging from bankruptcy can be daunting. However, with professional legal counsel and a payment plan, you can make every effort to become debt-free.""
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