A person might feel like a total failure if he or she had previously discharged debts through bankruptcy and now is facing the prospect of having to consult a Bankruptcy Law Attorney in Wellington FL some years later. A certain period of waiting time is required whether the individual had previously filed Chapter 7 or Chapter 13.
About Personal Bankruptcy Protection
Bankruptcy laws were written to help U.S. residents gain protection from creditors when they are overwhelmed with debt. Chapter 7 wipes out much of the obligation after paying back as much as possible. In contrast, Chapter 13 creates a repayment plan lasting up to five years. The outstanding obligations are combined to result in one, affordable monthly payment.
After Chapter 7
The Chapter 7 process usually moves along fairly speedily, unlike Chapter 13. A person can file for Chapter 7 a second time, but must wait eight years after the previous filing date for the same type of bankruptcy. If they qualify for Chapter 13 instead, they only have to wait for four years. A bankruptcy law attorney in Wellington FL can help them do so at that time.
After Chapter 13
People who have completed their full Chapter 13 repayment plan can file for Chapter 13 again within two years of the original filing date. Since nearly everyone needs at least three years for their plan, this means nearly everyone can immediately file for Chapter 13 as soon as they have completed their original plan.
These people who have completed Chapter 13 have to wait six years to file for Chapter 7, however, unless they meet specific criteria. This is a different time frame than that required for filing Chapter 7 after completing a previous Chapter 7.
Considerations
The law is intended to provide protection for U.S. residents, but it is not meant to encourage people to run up substantial amounts of debt after they have cleared the previous obligations. For that reason, previous filers must wait several years before they are allowed to apply for this protection again. People who need help in these matters may learn more about Law Offices of Sean I. Koplow.
