Tag Archives: stop home foreclosure

Filing bankruptcy again: How long must I wait?

People sometimes find it necessary to file bankruptcy again. The good news is you can file again; the bad news is you may want to wait a while. Under the new bankruptcy law, you can file a Chapter 7 bankruptcy eight years after you initially filed for Chapter 7 . You must wait four years to file for Chapter 13 bankruptcy again.

You can actually file for Chapter 13 even before the 4 year limit, but in this case you’ll have to pay back 100% of your debt over time. While this might not sound like an appealing option, it may be a useful approach for people attempting to save their home from foreclosure.

Chapter 7 vs. Chapter 13: What’s the difference?

With a Chapter 7 Bankruptcy, many types of debt can be eliminated completely. However, not everyone is eligible to file for Chapter 7 bankruptcy. Multiple factors (such as your income level, family size, medical bills, etc.) determine whether you are eligible for Chapter 7. A Rhode Island attorney experienced with bankruptcy should be able to determine if you’re eligible.

For some people a Chapter 13 Bankruptcy is the best option. People often file for Chapter 13 bankruptcy protection in order to stop foreclosure on their homes. This form of bankruptcy often involves partial repayment of debts over a three- to five-year period.

Since the passage of the new bankruptcy law (the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005), more middle class individuals have been filing for Chapter 13 bankruptcy protection.