2nd bankruptcy

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2nd bankruptcy

i filed for bankruptcy in 2001. now work is slow and i’m overwhelmed i’m still empolyed but with fewer hours. i called my cards to work out something and they cut me off.should i file again. i own a home but owe on a 2nd–i’m highly leveraged.

Asked on May 27, 2009 under Bankruptcy Law, California

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

It's really a matter of finances was to whether or not you should file.  You would know better than I.  However it sounds as though you need some relief. 

Legally, they only question here is, can you file?  The Bankruptcy Laws were reformed in 2005 and have changed dramatically.  Many, if not most, filings are now being given a payment plan (Chapter 13) rather than being forgiven (Chapter 7).  The determining factors include your income and assets, if any, and if you have already gone bankrupt before.  The payment plans set up through the courts generally are spread out over a period of 5 years.

 

That having been said, the time limit between Chapter 7 filings is 8 years from the time of your first discharge; and the time for filing a Chapter 13 after a chapter 7 is discharge 4 years.  Therefore, from a time limit standpoint, you currently do qualify to file.


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