Although you can apply for bankruptcy at any time, if you have previously proposed and accepted a rescission contract, you must wait a while before applying for bankruptcy - at least if you wish to get fired, that is.
Believe it or not, in some cases, it makes sense to file for bankruptcy twice without getting fired - but for most people it is not. In addition, problems may arise when applying for a second bankruptcy prematurely. The consequences can be catastrophic.
Once you submit chapter 7, you cannot automatically "reject" the petition. The result of this is to hand over your property to the bankruptcy trustee, whose duty is to liquidate the interests of your creditors at the sale price. However, for most situations, the nominal reduction in the amount of outstanding debt received is not a good result.
When it comes to bankruptcy twice, the timing is everything. The following is the waiting period applicable to the second application for bankruptcy.
1. When originally received Chapter 7 Dismissal and Plan Archiving Chapter 7
If you have previously filed chapter 7 bankruptcy, you must wait eight years before submitting an eligibility to rescind the contract. According to Section 727(a)(8) of the Bankruptcy Law, this is calculated from the original filing date to the submission of the second filing. For example, if you originally submitted on January 1, 2000, you need to wait until January 1, 2008 or later.
2. When originally received Chapter 7 Discharge and Plan Archiving Chapter 13
According to Section 1328(f)(1) of the Bankruptcy Law, if you have previously filed chapter 7 bankruptcy and get lifted, you must wait for four Year before the submission of Chapter 13 in order to qualify for dismissal.
If the Chapter 13 plan is not confirmed, the bankruptcy trustee may propose a change to Chapter 7. However, it is stipulated that before Chapter 8 before Chapter 8, you can no longer accept that the disclaimer of Chapter 7 still applies, so in most cases you will want to dismiss the actions of Chapter 13 instead of switching to Chapter 7. chapter.
3. When originally received Chapter 13 Discharge and Plan Archiving Chapter 7
According to Section 727(a)(9) of the Bankruptcy Law, if you receive a rescission contract in Chapter 13, you do not meet the requirements of the chapter The lifting of the conditions for another 6 years, with a few exceptions.
4. When originally received Chapter 13 Dissolution and Plan Archiving Chapter 13
Pursuant to Section 1328(f)(2) of the Bankruptcy Law, if you receive a rescission contract in the original Chapter 13, you will not receive it. Another two-year cancellation of the contract has passed.
5. Filing any chapter but not receiving it
In most cases, you can archive again after waiting 180 days. In this case, it is important to talk with lawyers familiar with bankruptcy laws.
The most important thing is that although the second application for bankruptcy is not uncommon, the timing is crucial if you want to get emissions again.
Orignal From: Can one bankrupt twice?
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