You find yourself in the unimaginable situation of needing to file for bankruptcy. It’s not your first bankruptcy filing. What should you do? This blog will discuss the important things to remember when you are filing for bankruptcy again.
Bankruptcy Classes
It is important to talk about the various types of classifications when discussing how long one can file for bankruptcy.
- Chapter 7: This type of bankruptcy can also be called “liquidation bankruptcy.” The person filing the bankruptcy must sell all their assets and personal property to reduce the amount of debt. You must also pass the means test to qualify for Chapter 7.
- Chapter 13: This type of bankruptcy is also called “reorganization bankruptcy.” In this case, the debtor (or company) does not have to sell any personal assets or property.
Limitations on Bankruptcy
The deadlines for filing for bankruptcy vary based on the specific chapter you are filing under and the timing of your last bankruptcy petition. If you are filing for Chapter 7 again, you will need to wait at least 8 years from the date of your first application. If you are filing for Chapter 13 again, you will need to wait at least 2 years from the date of your original application. If you have previously filed for Chapter 7, you are now eligible to file for Chapter 13. Consult a bankruptcy attorney jackson county mo before taking any major step.
If you have previously filed for Chapter 7, you are now eligible to file for Chapter 13. However, you must wait at least 4 years from the date of your original Chapter 7 filing. This type of filing is commonly referred to as a “Chapter 20” bankruptcy.
This article was written by Alla Tenina. Alla is a top personal injury lawyer in Orange County CA and the founder of Tenina Law. She has experience in bankruptcies, real estate planning, and complex tax matters. The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user, or browser; the ABA and its members do not recommend or endorse the contents of the third-party sites.
