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Bankruptcy Filing Rules

August 12, 2010 By admin 10 Comments

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Can I File Bankruptcy Again?

Author: Jay S. Fleischman, Esq.

If you have filed bankruptcy in the past, and you’ve found yourself in financial trouble again, you’re probably wondering if you are eligible to file for bankruptcy protection again. Filing for bankruptcy a second time is rarely a pleasant thought – but if you’re struggling with debt, you need to know if this is an option for you.

 

In truth, there are no limits on how many bankruptcy petitions you can file; however, in order to receive a second discharge, you’ll have to wait a certain amount of time between filings.

 

The amount of time depends on the type of bankruptcy you previously filed, and the type that you intend to file now. Here are the guidelines for bankruptcy filing eligibility:

 

  • If you previously received a Chapter 7 discharge (which erased your debts, rather than restructuring them), you will have to wait 8 years before you can receive another Chapter 7 discharge. If your second filing will be for Chapter 13 protection (which reorganizes your debts), the waiting period is 4 years.

 

  • If your previous bankruptcy was a Chapter 13, you’ll have to wait 2 years before receiving another Chapter 13 discharge. If you’re seeking a Chapter 7 discharge, 6 years must have passed since your Chapter 13 filing.

 

Keep in mind that the time periods are measured from filing date to filing date, not from discharge date to filing date.

 

Also, there are exceptions to all of these rules, so you may be able to file before the end of the waiting period in certain cases. If you are considering another bankruptcy, contact a bankruptcy attorney to find out if you qualify for an exception.

Article Source: http://www.articlesbase.com/credit-articles/can-i-file-bankruptcy-again-940108.html

About the Author

New York bankruptcy lawyer Jay S. Fleischman is the Managing Attorney of Fleischman Consumer Law Center. He has helped thousands of New York consumers end their bill problems and get back their good credit. Go to http://www.NewYorkBankruptcyHelp.com to learn more about your options, ask questions, and get more information.



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Bankruptcy Florida Southern

July 5, 2010 By admin 6 Comments
... Florida in the 2006 Chambers

How to Avoid Bankruptcy

Author: rickymartyn

Alternatives to Bankruptcy: Personal or Consumer Bankruptcy

Following are the alternatives to bankruptcy which can be explored by an individual or a couple in order to avoid filing bankruptcy.

Consumer Credit Counseling Services (CCCS):

Seeking a consumer credit counseling agency should be undertaken first by a person filing bankruptcy. Non-profit counseling services help people manage their money by providing debt management tips, and by bargaining by the creditors

In the US, the National Foundation for Credit Counseling (NFCC) and the Association of Independent Consumer Credit Agencies (AICCA) can be approached for credit counseling advice. The agency should also be accredited by a reputable third party like Council on Accreditation (COA).

Debt Reduction Program: The credit counseling agencies might be willing to bargain with creditors in order to reduce the amount of debt by as much as 50%. This option is considered, in case a person is not able to meet the minimum payments on the loans. Again, one must make sure that debt management advice is provided by a certified credit counselor. A counselor certified by NFCC would be a great choice, since the consumer is guaranteed a certain level of excellence in the realm of credit counseling.

Consolidating Debts: Debt consolidation can also be considered before filing bankruptcy. The debtors who is over burdened with number of loans approaches a debt
Consolidation agency, which bargains with creditors and tries to bring down the amount charged on different loans. The debt consolidation agency then provides a single loan to the individual/debtor, which acts as a substitute for the multiple loans. The interest rate on the single loan is generally lower than the interest charged on the multiple loans. One must understand that debt consolidation results in a person dealing with one creditor rather of many, the person is still stick with a debt that has to be repaid. Similarly, payday loans consolidation is an option for people struggling with pay day loans.

Borrowing from 401(k): People can usually borrow up to ,000 from their 401(k) in order to settle mounting debts. Some people might consider it a bad idea to dip into their egg nest in order to pay off loans, since the money invested in 401(k) collects tax free. However, it might not be a bad substitute to declaring bankruptcy.

Other Sensible Alternatives: Getting a second job, selling off the car, provided it has some value after depreciation, selling the house and moving into a cheaper apartment, and avoiding the use of credit cards are a few other alternatives that might help.

Article Source: http://www.articlesbase.com/customer-service-articles/how-to-avoid-bankruptcy-1586794.html

About the Author

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Bankruptcy Questions – How to File For Bankruptcy and Other Information

January 13, 2010 By admin Leave a Comment

Many people are facing really difficult financial times. Either they have lost their jobs or gotten a pay cut, the fact is that many people were forced to turn to their credit cards in times of economic hardship and now they are buried in debt and they can't seem to be able to catch up. If you have any bankruptcy questions, keep reading this short article and you will be able to determine whether bankruptcy is a good option for you or not.

Will My Life And Credit Be Ruined Forever?

If you are reading this, it is probably safe to assume that you are already way too deep into credit card debt and either have defaulted on your payments or are barely able to keep making them. No matter what your situation is, you should always think of covering your basic needs before anything else. For example, pay for your living expenses including meals, medicine and school for your children first. If you are at a point where paying back your debt, then consider bankruptcy. Your credit is probably in not very good shape already. If this is the case, it is always best to plug the holes and take drastic measures to correct the situation. When you file for Chapter 7 Bankruptcy, your credit score will definitely take a hit. But after your discharge you will be able to rebuild it and bring it back up to good standing. The bankruptcy discharge will stay in your credit report up to 10 years, but you will be able to get credit a few months after your discharge.

Do I Need An Attorney Or Can I File By Myself?

The process of filing for bankruptcy is not easy. You do not need to retain the services of an attorney, but it is highly recommended. There are many forms and different types of paperwork needed to filing a bankruptcy case. These are not easy to understand for those without proper training and if you make a mistake while submitting your forms you may risk not getting a court ordered discharge. This is why retaining the services of an attorney is highly recommended. Most firms that specialize in Bankruptcy cases will give you a free consultation where you can get all of your questions answered. At this initial meeting you will be advised what to do and also find out fees and other details.

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Bankruptcy Pros and Cons – Bankruptcy Questions Answered to Find the Light at the End of the Tunnel

January 10, 2010 By admin Leave a Comment

There a few feelings worse than being harassed by creditors calling you at your office and at home at all hours of the day. That nasty feeling in your stomach every single time the phone rings and that you are fully aware that it is going to be someone from any of your credit cards or mortgage payments to remind you that you are past due or worse, to threaten you with lawsuits and wage garnishments. There are so many different reasons why you are behind. Perhaps you lost your job or got a big pay cut due to the economy. Perhaps you had to face a medical emergency after you lost your income and fell behind on your payments and now you are in very deep hole and you don't know what to do and you are considering all the bankruptcy pros and cons.

Firstly, please relax and know that the law affords you the protection of a bankruptcy filing. There are many myths involved when it comes to filing but some of the most common bankruptcy pros and cons are these:

Pros

1. You will put a stop to creditors harassing calls. By law they can't call you anymore
2. You will get a break and instead of struggling to make minimum payments you will be able to start saving little by little until you are back on your feet
3. Most of your debts will be wiped clean with a court ordered discharge allowing you a clean slate to start anew
4. You will be able to begin rebuilding your credit as soon as a few months after your discharge

Cons

1. The bankruptcy discharge will stay on your credit report up to 7 years
2. You may experience a sense of defeat because you had to file
3. You may not be able to access lower rate credit plans in the near future
4. It may be difficult for you to obtain credit a few months after the discharge

In reality, the pros far outweigh the cons because it will allow you to get back on your feet quicker. Paying the minimum payments will take you many years before you can get rid of that debt. With bankruptcy chapter 7 or chapter 13 you will be debt free far quicker.

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