What happens if you filed for bankruptcy 4 years ago and again have money problems?

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What happens if you filed for bankruptcy 4 years ago and again have money problems?

I filed for chapter 7 bankruptcy 4 years ago and now I have run into some problems with money and might not be able to pay my mortgage. If my house gets foreclosed on does that affect the chapter 7 in any way? Will all my debt from 4 years ago come back to me?

Asked on October 13, 2010 under Bankruptcy Law, Massachusetts

Answers:

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

Answered 13 years ago | Contributor

Your debts cannot"come back" to you once they have been discharged, as a general rule.  However, did you "re-affirm" your mortgage? If you did and your home is foreclosed on you can be liable for any shortfall if it sells for less than the amount of the outstanding mortgage (the "deficiency"). If you did not re-affirm your mortgage, the you can simply walk away from the house it if is foreclosed on.

As for re-filing at this time you should be aware that 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.  And debtor cannot obtain a discharge in a Chapter 13 case if the debtor obtained a discharge in (a) a Chapter 7 case filed within the past 4 years, or (b) a Chapter 13 case filed within the past 2 years.  The time periods are measured from the commencement date of the case; the dates of discharge have no bearing.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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