Chapter 7 bankruptcy allows an individual to discharge their debts and get a fresh start on life. There are times, however, when a person runs into debt problems again and needs to file again. There is no limit on the number of times a person can file this type of bankruptcy, but there are certain time restrictions that may prevent a discharge.
A debtor may not file Chapter 7 within 8 years after their previous filing. As an example, if a person filed for a Chapter 7 discharge on September 1, 2012, they may not file again until September 1, 2020. You may also not file within six years of filing for Chapter 13. A bankruptcy attorney can discuss any previous filings you may have to determine if you are eligible for a Chapter 7 discharge.
If you have previously filed Chapter 7 and are barred from filing again due to time restraints, you do still have options under the law. A person can file Chapter 13 at any time after Chapter 7, allowing a debtor to reorganize their debt based on their monthly income. While a person will have to repay a portion of their debt to their creditors, these payments are much more reasonable than they would be otherwise. Chapter 13 can be a huge benefit, especially for a homeowner or someone who wants to keep their assets.
At Westbrook Law Group, we have helped many clients dealing with overwhelming debt. We will carefully examine your situation, explain your options, and help you may the best decision for you and your family. Our goal is to help alleviate some of the stress you are dealing with and help you get a fresh start on life. For a free consultation to discuss your debt problem, contact Westbrook Law Group today for a free consultation.