Clients often wonder how soon they can re-file bankruptcy, should problems with debt continue into the future. These people worry that one more injury or a tenuous job situation may lead down the same path as before. After a person has filed for Chapter 7 bankruptcy, they must wait 8 years to file again. While a St. Louis Chapter 7 Bankruptcy Attorney won’t be able to help you file Chapter 7 again within this period, options still exist that can help get your debt under control.
St. Louis Chapter 7 Bankruptcy Attorney on Options within That 8 Year Period
Most people, if they are barred from re-filing Chapter 7 bankruptcy, turn to Chapter 13 to help with their debt problems. While Chapter 13 requires some a person to repay some of the debt they owe, it does offer some advantages, including:
- Ability to keep more of your assets
- An automatic stay of all debt collection proceedings
- Discharge of debt at the end of the repayment period
The repayment period is usually between 3-5 years and will be based on the amount of income you make. The bankruptcy trustee will then take that amount (after necessary living expenses) and divide a pro rata share amongst your creditors. At the end of this period, unsecured debt is discharged. A St. Louis Chapter 7 Bankruptcy Attorney can discuss you income and how much you can expect to pay during this repayment period.
If you have found that you have debt problems after filing Chapter 7 bankruptcy, options still exist. Contact a St. Louis Chapter 7 Bankruptcy Attorney at The Westbrook Law Group to learn what options you have. Together, we will give you a fresh start and let you get rid of the stress that comes with overwhelming debt.