File Bankruptcy Again
Each of us had a point in our life where we had struggled financially. Some of us had found ways to turn that situation around. Others simply had no other choice but to file bankruptcy. Still few of us found out that bankruptcy is not an end solution and we still find ourselves with new debts and a looming need to file bankruptcy again. This situation happens to all of us and although you can file bankruptcy as many times as one would like, there are limitations to it.
Depending on what original bankruptcy you had filed, it can take 6 to 8 years to be able to file a bankruptcy chapter 7 and 2 to 4 years to be able to file a chapter 13. One cannot however file a bankruptcy within the time frame of another bankruptcy. For example, between the commencement dates of a bankruptcy chapter 7 until the discharge date after 8 years, you cannot file another type of bankruptcy. However, you can change from a chapter 13 type of bankruptcy to a chapter 7 type of bankruptcy. This only happens if you are unable to meet the requirements of the chapter 13 and need to change to a chapter 7. The requirement is that you need an income that exceeds your expenses. If a sudden job loss or catastrophic events happen that you cannot comply with the amount that you need to provide to be able to pay for the repayment plan, you can change your bankruptcy status from a chapter 13 to a chapter7 type of bankruptcy.
The difference between chapter 7 and chapter 13 is how debts are resolved. Chapter 7 is difficult to file especially if you need to file bankruptcy again with this type. There are more limits on this chapter because chapter 7 eliminates debt and more or less properties that are liquidated cannot cover the whole amount of debts. So many people aim to file bankruptcy chapter 7 even if they are not qualified. But with the new changes in the bankruptcy law, more people are finding themselves filing for a chapter 13 instead, because with the new bankruptcy law, you are required to go to a credit counseling agency that will provide you a repayment plan.
If you need to file bankruptcy again, you can do it without spending a lot of money. Try to search through the internet, it can provide you with ways that you can file bankruptcy. One way I suggest is to hire a petition preparer or a bankruptcy lawyer to prepare your papers and you can do the rest. This is the most affordable and easy way to file bankruptcy. For more support on how to file bankruptcy, visit the link below.
Depending on what original bankruptcy you had filed, it can take 6 to 8 years to be able to file a bankruptcy chapter 7 and 2 to 4 years to be able to file a chapter 13. One cannot however file a bankruptcy within the time frame of another bankruptcy. For example, between the commencement dates of a bankruptcy chapter 7 until the discharge date after 8 years, you cannot file another type of bankruptcy. However, you can change from a chapter 13 type of bankruptcy to a chapter 7 type of bankruptcy. This only happens if you are unable to meet the requirements of the chapter 13 and need to change to a chapter 7. The requirement is that you need an income that exceeds your expenses. If a sudden job loss or catastrophic events happen that you cannot comply with the amount that you need to provide to be able to pay for the repayment plan, you can change your bankruptcy status from a chapter 13 to a chapter7 type of bankruptcy.
The difference between chapter 7 and chapter 13 is how debts are resolved. Chapter 7 is difficult to file especially if you need to file bankruptcy again with this type. There are more limits on this chapter because chapter 7 eliminates debt and more or less properties that are liquidated cannot cover the whole amount of debts. So many people aim to file bankruptcy chapter 7 even if they are not qualified. But with the new changes in the bankruptcy law, more people are finding themselves filing for a chapter 13 instead, because with the new bankruptcy law, you are required to go to a credit counseling agency that will provide you a repayment plan.
If you need to file bankruptcy again, you can do it without spending a lot of money. Try to search through the internet, it can provide you with ways that you can file bankruptcy. One way I suggest is to hire a petition preparer or a bankruptcy lawyer to prepare your papers and you can do the rest. This is the most affordable and easy way to file bankruptcy. For more support on how to file bankruptcy, visit the link below.
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