In a Hurry? Dial +18-503-850-342 Now!How Many Times Are You Allowed to Declare Chapter 11 Bankruptcy per Year?
Each person filing must consider his/her economic standing before declaring Chapter 11. Once filed, additional applications for Chapter 11 can be filed throughout a calendar year; how often if any?
Continue reading to understand how often and if any specific protocol must be observed before filing bankruptcy again.
On this page, you can compare chapters on bankruptcy. As part of your research into bankruptcy filing options, it could be useful to gain knowledge on various filing strategies available to you when considering filing or not filing.
Are You Filing Bankruptcy Under Different Chapters?
Do You Understand Chapter 7 Bankruptcy: Eligibility Requirements and How Liquidate Assets Will Affect Liquidating the Assets?..
As part of Chapter 13 bankruptcy proceedings, liquidating your properties will discharge the remaining debt balances and lead to their discharge from debt payments.
High incomes do not meet the eligibility requirements to file Chapter 7 bankruptcy; states will compare your earnings against an established minimum amount provided. If it falls much lower than this minimum threshold amount, Chapter 7 filing would no longer be possible.
How Chapter 11 Bankruptcy Proceedings Work: Protecting Assets while Reorganizing Debt
Contrary to what many believe, Chapter 11 bankruptcy differs significantly from Chapter 7. With it, you don’t need to sell all your possessions before coming up with a reorganization plan to pay back debts – something particularly useful if you wish to maintain ownership over them. This makes Chapter 11 bankruptcy attractive to people seeking to retain possessions while restructuring debt.
Chapter 11 bankruptcy typically refers to filing by companies. Individuals, however, can also use this avenue if filing Chapter 7 is an option; and vice versa for Chapter 11.
Chapter 11 Reorganization You have the chance to restructure your finances using Chapter 11 Reorganization by devising and following an agreed reorganization plan for debts. Your balances should then be discharged upon successfully carrying out this agreement plan of reorganization.
Chapter 13 bankruptcy works similarly to Chapter 11, except it only applies when someone has income; their debts exceed what can be afforded as-is so payment plans will be drawn up to pay back your creditors.
In a Hurry? Dial +18-503-850-342 Now!Priority and Non-priority Debt!
Tax and auto loans should always come first when considering any payments to creditors and medical facilities; there may also be options available if your income surpasses the requirements of “means tests“.
How Many Times Can You File Bankruptcy?
Now that you understand how bankruptcy works, you should select which chapter best meets your financial situation and eligibility considerations if filing before.
No limitations apply on how often or under which Chapter One can file for bankruptcy, provided certain criteria have been fulfilled and there has been an appropriate wait. Bankruptcies have time bars that prevent people from misusing or abusing the system; filing under Chapter 7 bankruptcy would fulfill such time bars and is recommended.
Filing Chapter 11 after 8 years if filing Chapter 7 and receiving a discharge. Or you could file Chapter 11 anytime thereafter if filing Chapter 7.
After four years, you are eligible to file for Chapter 13 after having filed Chapter 7 and been discharged of all debt. After eight years from when filing Chapter 11, Chapter 7 can be filed after receiving full discharge of debts.
Filing for Chapter 13 bankruptcy after having already filed Chapter 11 can only be filed at any point after two years have passed.
After six years, you may file Chapter 7 after having successfully filed Chapter 13 and been granted a discharge of any remaining debts. And Chapter 11 can be filed at any point after successfully clearing up everything with Chapter 13.
After two years have lapsed since your initial filing of Chapter 13, and all debts have been discharged by court order.
Uncertainty In Bankruptcy
Filing for bankruptcy should never be taken lightly and many factors must be considered before submitting for this legal process. Filing bankruptcy has serious ramifications on one’s credit report which can have severe negative repercussions for their credit scores.
As with any decision, bankruptcy should only be approached after careful evaluation and analysis of each option available to you. Seek assistance if necessary as there could be some confusing aspects about your case that need attention.
Summing Up!
Understanding bankruptcy proceedings and all their various alternatives requires professional legal guidance; thus you need the best support possible when making this important decision – hiring a bankruptcy attorney could be one of your best bets for making wise choices.
A bankruptcy lawyer will give you an in-depth overview of all of the available forms of bankruptcy and your eligibility while being there every step of the way on your journey to financial independence.
Bruner Wright PA can connect you with an experienced bankruptcy attorney.
In a Hurry? Dial +18-503-850-342 Now!