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How many times can you apply for personal bankruptcy

Anyone can suffer financial difficulties. Sometimes, the only recourse a person has is to seek financial help through the judicial system. The bankruptcy application can help those with many debts to look for solutions for problems such as the payment of credit card debts, medicine bills and other financial obligations towards their creditors.

For many, going through the bankruptcy process once is enough to recover financially. These people can start again and lead a healthy financial life. However, it is possible that some have not learned the financial lessons or that new adversities have arisen and that they end, again, in a hurry.


Types of bankruptcies

Types of bankruptcies

The two most common forms of personal bankruptcy are bankruptcy under Chapter 13 and under Chapter 7 of the Bankruptcy Act of the United States. The Chapter 13 bankruptcy consists of a restructuring of personal debts. The person making the request agrees to create a payment plan and pay his creditors a portion of what he owes them. When the payment plan ends for three to five years, the court will exempt the debtor from any remaining debt and the debtor may begin to operate again. In the Chapter 7 bankruptcy, the debtor asks the court to be exempted from its financial obligations. If the bankruptcy is granted, the debts of the applicant will be exempted and it will be considered that the latter is free of debts.


How many times can a personal bankruptcy order be placed?

How many times can a personal bankruptcy order be placed?

The bankruptcy application is the last resort solution to a financial problem and should not be taken lightly. Although most people who apply for bankruptcy law do so because they can not pay their creditors after losing a job; Some others apply for bankruptcy to get rid of debts they do not want to pay.

To prevent people from using bankruptcy as a means to avoid paying their creditors, the court system limits the number of times a person can apply for bankruptcy protection. Bankruptcy under Chapter 7 can be requested once every eight years. If a person enters a payment plan under Chapter 13 and fails to comply with the corresponding obligations or requests the cancellation of the plan, six years must elapse before the same person can apply for another bankruptcy under Chapter 13.

The Waiting begins at the time of the initial presentation; not at the moment of the exemption of debts. For this reason, a person who has completed a payment plan under Chapter 13 can almost immediately file for another bankruptcy order under Chapter 13 or Chapter 7.

If a person applies for Chapter 13 bankruptcy, but then their financial situation is modified so that the scheduled payments are too high or they prefer to obtain exemption from their debts, they will change from a Chapter 13 bankruptcy to a bankruptcy application. in accordance with Chapter 7. When this occurs, the payment plan is stopped and the person’s assets are liquidated to settle the debts with the creditors. For this type of presentation there is no waiting period; but if Chapter 7 bankruptcy is granted, the person must wait eight years to start another bankruptcy under Chapter 7 or six to file for Chapter 13 bankruptcy. In the event that the bankruptcy application is dismissed, the waiting period to re-place an order will be 60 to 180 days, depending on the state.

While there is no limit to the number of times a person can place the bankruptcy order, with each presentation, the number of assets that can not receive protection increases. For example, in the first presentation, it is possible that two vehicles were protected, which were kept by the debtor. However, in the second presentation, it is likely that the court will determine that only one of the vehicles will receive protection and that the other must be sold to pay the creditors. This is another way to discourage abuse of the bankruptcy system.

The bankruptcy process is not only the last resort to go to, but it must also be managed by a legal professional. Bankruptcies often require the timely submission of a myriad of forms and documentation; otherwise, it is possible that the process is in danger. Who wants to make a bankruptcy application, you should contact a legal professional to consult on the different options of the process in order to make the best decision.


Speak Today with a Lawyer Qualified in Bankruptcy

Speak Today with a Lawyer Qualified in Bankruptcy

This article aims to be useful and informative. But legal issues can be complicated and stressful. A Lawyer bankrupt can meet your particular legal needs, explain the law and represent you in court. Take the first step now and contact a qualified Lawyer bankrupt near you to discuss your specific legal situation.

Debts and Bankruptcy

Recommendations to manage your debts and how to declare bankruptcy.


Debts and bankruptcy

Debts and bankruptcy

Almost all people have some type of manageable debt, whether by using a credit card, paying for higher education or buying a house, a car or another valuable object.

However, in some cases, debts can become a problem. Sometimes this happens because the person has borrowed more than he could afford and in other cases because he has lost his source of income.

If you are going through a difficult financial situation and feel that the debts are out of control, you better not ignore the problem or let your debt accumulate further. Find more information about:  

  • Recommendations to follow. Know how to set up a budget, communicate and organize a payment plan with creditors.
  • Advisory services. Consult the services of reputable credit counseling organizations. These entities can advise you on how to manage your money and manage your debts. In addition, they can help you develop a budget and offer you free educational materials and workshops.
  • Rules for debt collection. Learn what debt collector practices are prohibited by the Fair Debt Practices Act.
  • Stay alert. In your effort to recover your creditworthiness, take precautions in the face of advertisements that offer quick solutions.
  • Bankruptcy or personal bankruptcy. Find out about the requirements you must meet before filing for bankruptcy. You must receive credit counseling prior to the bankruptcy application and participate in an educational session after submitting the application. 


Debt Consolidation

Debt Consolidation

By consolidating your debts you simplify the payment of all of them through a monthly payment. This is a good option if you are facing the payment of many debts and have difficulty paying them. Before deciding on this alternative, consult the National Foundation for Credit Counseling  and a credit counselor .  

You can lower the cost of your credit by consolidating your debts through a second mortgage or a home equity line of credit. However, this strategy involves certain risks. For example: by putting your home as collateral, if you cannot meet or are late with payments, you could lose it.

Debt consolidation loans have costs. In addition to interest, you may have to pay “points,” one point equals one percent of the amount you borrow. This type of loan can offer you certain tax advantages that other types of credit do not offer.


Bankruptcy Statement


Filing for bankruptcy has long-term and far-reaching consequences. Bankruptcy information is recorded on a credit report for a period of 10 years, which can cause you difficulties in obtaining a loan, buying a house, or getting a job.

However, it is a legal procedure that offers you the opportunity to restart if you cannot cope with the payment of your debts and have exhausted all previous resources.

Before filing for bankruptcy,  inform yourself about the requirements you must meet. You must receive credit counseling prior to the bankruptcy application and participate in an educational session after submitting the application.   

Stay alert and avoid fraud and scams .

Pros and Cons of Personal Bankruptcy

A bankruptcy filing is a legal process that allows you to have certain debt cancellations by a court order. This means that you do not owe money from private accounts. It is as if debts never existed.


There are two types of bankruptcy


Normally there are only two types of bankruptcy. Chapter 7 and Chapter 13. If the amount of the debt is so disproportionate in relation to your current and anticipated income, you may want to consult with a lawyer to help you understand your legal options so you can determine. If bankruptcy is a viable option for you.

While making your decision, you should be aware that there are some disadvantages when applying for bankruptcy:

• Personal bankruptcy is maintained on your credit report for 10 years.

• Sometimes bankruptcy information can be provided by the rest, such as when you try to apply for a mortgage or other types of loans for more than $ 50,000.

• Often bankruptcy is not looked upon by potential lenders and creditors. The concern may persist about your ability and willingness to pay your loan totals regularly.


An Alternative to Bankruptcy

An Alternative to Bankruptcy

Joining a debt management program can be an effective alternative. Here at DebtBankruptcy Helpers, we can help you.

DBH is a non-profit organization designed to serve consumers like you who are in debt and would like to avoid bankruptcy. When you join the DBH program, you will get low-interest rates, lower monthly payments, and a functional financial plan to help you be debt-free. DBH is licensed in different states of the country. We are registered in the BSI and accredited by ISO.

DBH is committed to helping you help yourself. Most of our clients can avoid the sting of bankruptcy and enjoy a debt-free life.

Need help? Contact us now! 

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