How Many Years Must You Wait Before You Can Refile A Chapter 7 Bankruptcy?
There isn’t a day that goes by that I don’t appreciate my clients in some new way. I want them to come away from their first bankruptcy filing with the tools they need to be successful. I simply hope that they never have to be in overwhelming amounts of debt again. Asking for protection from foreclosure, credit card debt help, and relief from creditors is certainly hard enough the first time.
However, hard times hit us all. In this economy, I see more and more who have suffered from a layoff or medical emergency and landed right back into debt. Those situations sometimes make it necessary to refile a Missouri or Illinois Chapter 7. So, how soon can those folks seek bankruptcy protection? You can look into refiling a Chapter 7 bankruptcy 8 years after your previous filing. Keep in mind, bankruptcy has changed a bit in the last few years.
New laws were passed in 2005 that require anyone looking to file in Missouri or Illinois to pass the Chapter 7 “means test.” Most of the other rules, though, remain the same. You must continue to pay on property that you wish to keep but your unsecured debts, like medical and credit card debt, can still be eliminated. If it is in your best interest to do so, re-filing for Chapter 7 bankruptcy can be an even better experience the second time around. After you file the first time, you understand the rules, regulations and the entire process. There aren’t many surprises leftand that could be a good thing.
You also know how to make sure you have the best experience possible. If your first filing left something to be desired, you can now know what to look for in an attorney that can give you a better experience. Plus, you understand that getting the best attorney in your area can be the most important move you make through the entire process. While the re-filing may be easier on you, there could still be complications in your case. Having an experienced and qualified St. Louis, Missouri or Belleville, Illinois bankruptcy is not just recommended, it is mandatory in a re-filing. It can mean the difference between getting your debt dischargedand not.
If re-filing is in your future, it wouldn’t hurt to brush up on your bankruptcy knowledge. Though you know the main idea of the process, checking on the changes, the attorneys in the area, and other information you may not remember is probably in your best interest.
Missouri Bankruptcy attorney James Brown has been working to relieve the debt of hard-working American families for over 15 years. He has dedicated his career to educating consumers about options for debt relief and has released 5 publications, including, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know.” You can request a free copy at http://www.castlelaw.net
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The Disadvantages Of Filing For Bankruptcy
Bankruptcy is, by definition, a legal declaration that a borrower lacks the ability to repay his or her creditors and an appeal to the courts for relief. Plainly this is not a good position to be in and in some societies – like that of the United States – declaring bankruptcy carries a social stigma that suggests the bankrupt is irresponsible and untrustworthy. This alone is enough to convince many people to avoid bankruptcy until there really is no other alternative available, but this somewhat defeats the purpose as the benefits of declaring bankruptcy are only fully realized if the claimant makes the filing before they are completely destitute.
Obviously bankruptcy looks bad to most creditors as it shows that the individual has a history of defaulting on his or her debts. However, interestingly enough, the law now stipulates that credit card debt cannot be discharged in bankruptcy a second time until eight years have passed, so this means that people that have recently have their bankruptcy cases resolved make prime targets for predatory lenders since it is guaranteed that the bankrupt cannot go back to court for eight years. Nevertheless, bankruptcy stays on the credit report for a full ten years and cannot be removed, even if the person manages to acquire new credit after the fact.
Many people also have a lot of misunderstandings about exactly what bankruptcy can do for them. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 radically altered the bankruptcy laws of the United States and many of the things that were possible before this are no longer allowed. Further, it has to be kept in mind that bankruptcy does not discharge all debts, and since the aforementioned act passed it discharges even less than had previously been the case. By law people have to go through credit counseling before they can file for bankruptcy today, so it is worth taking the time to see if other options may be more appropriate.
If you face the prospect of having to file for bankruptcy, it may make sense to speak to a bankruptcy attorney. Learn more about Bankruptcy Attorney Huntington Beach at http://www.consumerbankruptcyattorney.com.
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