BANKRUPTCY

Question Details: I HAVE FILE BANKRUPTCY IN 1996 CHAPER 7 AND DISCHARGE. WE ARE CONSIDERING IN FILE AGAIN IS IT POSSIBLE.

Asked 11/1/2009 under Bankruptcy | 277 View(s) | More Legal Topics

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Bankruptcy Law Answers

Filing bankruptcy again is absolutely possible.  However, since the last time you filed bankruptcy, the laws have severly tightened with respect to who can obtain a discharge and who cannot.

Review the following articles from freeadvice.com very carefully because they offer quite a bit of information in terms of what assets are dischargeable. http://bankruptcy-law.freeadvice.com/consumer_bankruptcy/

You should check your credit reports (all three) to see if the bankruptcy has fallen off of your record -- it usually stays on your record for 7 to 10 years.  So, if it is not on your record now, you may have a better chance of getting items discharged, bearing in mind that this may be your last shot at a bankruptcy.

A debtor cannot obtain a discharge in a Chapter 7 case if the debtor obtained a discharge in (a) a Chapter 7 case filed within the past 8 years, or (b) a Chapter 13 case filed within the past 6 years.

The time period is measured from the commencement date of the case; the datesof discharge have no bearing.

Since the laws and procedures were enacted since your last filing, here is a link to a site that I think you will find to be of help: 

http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter7.html

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