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When can you File Bankruptcy?

In March 2001 my husband and I filed ch.7 bankruptcy it was discharged in August 2001. Does any know when we can file a Chapter 7 again?

 
strawberryfrost

Asked by strawberryfrost at 10:08 AM on Jan. 27, 2009 in Money & Work

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Answers (8)
  • I have seen both ends of the spectrum. I watch how BK is helping us survive my son's illness and DH layoff and possibly mine. I watched how we grew up and now know that we need a rainy day fund, we need career plans and we need back up plans. Then I watch others file and go right back into debt. I am not talking reaffirmed debt. I mean going getting more cars, expensive homes, credit cards and they will give it to you because you are not able to do anything for 7 years.

    I wish you the best and hopefully you will be able to get through this.
    Anonymous

    Answer by Anonymous at 12:09 PM on Jan. 27, 2009

  • I don't really understand bankruptcy and how it works so I don't know but I hope someone can answer for both of us ;)
    MammaMia72

    Answer by MammaMia72 at 10:24 AM on Jan. 27, 2009

  • It's supposed to be 7 years. But since then the bankruptcy laws are much more strict in order to stop repeat filers. In many cases if you file BK after 2007 you may be forced to file chapter 13 and actualy pay your debts off with a payment structure and at the very least if you are able to file chapter 7 again you are required to take a money management course as well as counseling to avoid this happening again! Once was enough for me, if I don't have the cash for an item I don't buy it!
    Mom2Jack04

    Answer by Mom2Jack04 at 10:35 AM on Jan. 27, 2009

  • Because of our jobs leaving, shutting down, going out of business, and my husband medical condition we have to file Bankruptcy again. We have lost our house, we are being garinshed for medical bills, try to lower our house payment so we wouldn't lose it they wouldn't accept lower payment. Try to make payments to medical bills they would not accept a lower payment. Try to receive asssitstant made to much money. Told other medicial facility that the payment we cold make was the only payment we cold make because of our situtiation. Not good enough so we have them lined up for granishments and can't afford rent now living with love ones. $150.00 doesn't go far. Have no ceridt card, no loan payments but the house. Three kids to keep on feeding and that I will do! So twice may be the only way I can make it even if I don't want too!
    strawberryfrost

    Answer by strawberryfrost at 11:24 AM on Jan. 27, 2009

  • Sorry for miss placed and miss spelled words trying to hurry!
    strawberryfrost

    Answer by strawberryfrost at 11:26 AM on Jan. 27, 2009

  • Bankruptcy is 7 years stays on credit report 10 years. I believe Chap 13 can be filed if you are not out of the 7 years. Also it will go by when you discharge. They will ask you in the creditors meeting if you EVER filed bankruptcy and when.

    I will put another box with the new rules. They are really not bad and actually if you truly want to change your life they help you get a true fresh start.
    Anonymous

    Answer by Anonymous at 11:57 AM on Jan. 27, 2009

  • You have to complete a means test. Basically you list everything from medical/bills/housing/clothes etc. Then your attorney runs the numbers and can usually determine which way you have to file. After that you have to go to a credit conseling which is personally a joke because it tells you to do things that actually caused many people to get in the position. But you pay them $50 and get a certificate. Then you gather so much paper work and paystubs (6 months and you can't miss even 1 or it won't be discharged). Then
    Anonymous

    Answer by Anonymous at 12:02 PM on Jan. 27, 2009

  • Then you will get everything put together your lawyer files and all action stops. No repos, no foreclosures, no garnishments (not sure how it works if they are already taking money out), no termination of utilities (if filed), no collection calls. What you can get rid of in 7 is all medical, house if you want, cars (don't reaffirm save and get beaters), unsecured, property taxes. What you must pay is child support, IRS, state and city.
    Then you will get a second credit conseling and really listen because it has great ideas on how to turn your financial nightmare around. Then go to the creditors meeting and wait a few months for discharge (assuming there is no fraud and your creditors don't object)
    Anonymous

    Answer by Anonymous at 12:05 PM on Jan. 27, 2009

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