Can you refile a chapter 7 bankruptcy after the dismissal?
Chapter 7 bankruptcy protection is the form of bankruptcy that most of your unsecured debt is fired after selling your assets to some of them. If you resign yourself in a financial bond shortly after your Chapter 7, you may be tempted to resubmit. Bankruptcy laws that extended in 2005 the waiting period for people to repeat a chapter 7 bankruptcy case file, so before you assume you can dismiss your debt, learn what the law allows.
Current federal laws allow individuals who file a previous chapter 7 bankruptcy to another one after just eight years of filing. So, you can’t immediately refile after downloading. There are no restrictions on the number of times the individual can serve, provided the full period is over. If you dismiss under Chapter 13, you can file Chapter 7 after four years.
Alternative Bankruptcy Option
If you find yourself in debt trouble and are still waiting for the eight years to pass, you may want to consider submitting Chapter 13. This form of bankruptcy requires you to enter the court under a refund plan. Through this form of bankruptcy, you can keep a lot of your assets if you have any links to the submission of Chapter 7. While you have to pay what you owe with Chapter 13 bankruptcy, it offers court supervision to ensure you just pay what you can afford, and also prevent creditors from harassing you paying what you owe.
If you do not qualify to submit Chapter 13, a four-year solution must have expired or do not want to enter into a repayment plan, you may be able to take advantage of a debt consolidation loan. Because your credit score will damage you before bankruptcy, the rates on these loans will be high if you can even qualify for one. Doing so consolidates your debt, you will have one monthly payment instead of quite a few, and sometimes the monthly payment will be less than you pay for each individual debt. To make this work, you must stop adding to your debt and focus on repaying what you are currently owed.
Many companies are preying on those in a financial bond and cannot get a file from Chapter 7 out of it. For example, debt settlement companies are bidding to lower the amount you owe to negotiating with your creditors for you. While you may sometimes get your creditors agree to change the terms on your debt, no company can guarantee this result. You can finally pay high fees and receive no benefit in exchange. The Federal Trade Commission recommends checking with your state’s Attorney General’s office or the Better Business Bureau before joining any debt relief company. If the company has many complaints, try to do the negotiations on your own, or another more well-known debt relief firm.