Can You File For Bankruptcy Twice?
Filing for bankruptcy is a legal process. However, there are time limits that apply. If your bankruptcy was dismissed for not making your required payments or showing up for the required court meeting, you cannot immediately file for bankruptcy again. This can leave you in a precarious situation that makes you vulnerable to creditors.
Chapter 7 bankruptcy is a liquidation bankruptcy
Chapter 7 bankruptcy is a liquidation bankruptcy that is most common in the U.S. It eliminates most debts through the liquidation of your assets. This type of bankruptcy is a temporary financial mess, but you can start fresh and restore credit after a successful discharge. However, this type of bankruptcy requires specific eligibility requirements and a means test.
Under Chapter 7, an insolvent debtor sells off all of his or her nonexempt assets and then distributes the proceeds to creditors. Many business debtors would prefer not to go through liquidation, so they may consider a chapter 11 bankruptcy instead. Under this type of bankruptcy, a business can receive an extension of time to repay the debt, and it can even restructure the business.
Chapter 13 bankruptcy is a reorganization bankruptcy
Chapter 13 bankruptcy is a reorganizing bankruptcy that allows debtors to keep their nonexempt property. This type of bankruptcy is often preferred by debtors who earn a steady income and have high credit scores. This bankruptcy type can allow debtors to keep their homes, car, and other assets while reducing their obligations to the IRS.
Before filing for reorganization bankruptcy, individuals must first receive credit counseling. These services are available through accredited agencies that have been approved by the United States Trustee’s office. These agencies may charge fees but must also provide free counseling for those who are unable to pay for the services. A debtor who chooses to file for Chapter 13 reorganization bankruptcy will have to pay a filing fee.
Chapter 20 bankruptcy is not an official part of the U.S. Bankruptcy Code
Although chapter 20 bankruptcy is not an official part of the Bankruptcy Code, it does exist and is used to file two different types of bankruptcy. The advantage of filing two separate types is that you can wipe out more debts in the long run. If you’re considering Chapter 20 bankruptcy, it’s best to seek the advice of a bankruptcy attorney before you file.
Chapter 20 bankruptcy is a type of unsecured debt relief that allows a debtor to qualify for chapter 13 relief. It is used by consumers with more unsecured debt than can be consolidated under Chapter 7. In the past, some savvy bankruptcy practitioners have taken advantage of this to cram down a second mortgage. Typically, a judge would not allow a debtor to strip off a second mortgage under a chapter 7 case.
Automatic stay order prevents creditors from collecting back taxes
If you have filed for bankruptcy, the automatic stay will prevent creditors from contacting you about unpaid debts and from filing lawsuits against you. However, the stay does not prevent all actions, such as making threats or withdrawing funds. If a creditor willfully violates the automatic stay order, they will be found in contempt of court. They may also be required to pay legal fees and damages. Fortunately, most creditors do not violate the automatic stay.
The bankruptcy court will also stop creditors from harassing you and collecting back taxes. However, this automatic stay order does not protect you from domestic support obligations, such as child support payments. Therefore, it is important to contact an attorney to learn more about your rights.
Waiting period between a first and second bankruptcy filing
The wait between a first and second bankruptcy filing is important, as it protects the bankruptcy system by preventing repeated filings. In addition, filing more than one bankruptcy can result in the automatic stay being lifted, meaning that creditors will no longer be able to collect your debt. The waiting period between filings will depend on whether your first bankruptcy was for the same debt or for a different type of debt.
Generally, the waiting period between a first and second bankruptcy filing is 180 days. If you file for bankruptcy but ask for voluntary dismissal, you’ll need to wait 180 days before filing a second one. However, this period does not apply to debts filed prior to the first bankruptcy. If you pay all your unsecured creditors in full, you’ll likely be able to waive the waiting period.
If you have any questions, you can get a free consultation with Ascent Law LLC:
Ascent Law LLC:
8833 South Redwood RoadSuite C
West Jordan, UT 84088
(801) 676-5506
https://g.page/ascentlaw?share
https://www.ascentlawfirm.com/bankruptcy-lawyer/
When you need a Divorce Lawyer, contact this law firm:
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West Jordan, Utah
84088 United States
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Grantsville, Utah
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Grantsville, Utah
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Grantsville City Office
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Location in Tooele County and the state of Utah
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Location of Utah in the United States
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| Coordinates: 40°35′45″N 112°27′55″WCoordinates: 40°35′45″N 112°27′55″W | |
| Country | United States |
| State | Utah |
| County | Tooele |
| Settled | 1848 |
| Named for | George D. Grant |
| Area | |
| • Total | 37.59 sq mi (97.36 km2) |
| • Land | 37.47 sq mi (97.05 km2) |
| • Water | 0.12 sq mi (0.30 km2) |
| Elevation
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4,304 ft (1,312 m) |
| Population
(2010)
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| • Total | 8,893 |
| • Estimate
(2019)[2]
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12,064 |
| • Density | 321.95/sq mi (124.31/km2) |
| Time zone | UTC-7 (Mountain (MST)) |
| • Summer (DST) | UTC-6 (MDT) |
| ZIP code |
84029
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| Area code | 435 |
| FIPS code | 49-31120[3] |
| GNIS feature ID | 1428338[4] |
| Website | Official website |
Grantsville is the second most populous city in Tooele County, Utah, United States. It is part of the Salt Lake City, Utah Metropolitan Statistical Area. The population was 8,893 at the 2010 census. The city has grown slowly and steadily throughout most of its existence, but rapid increases in growth occurred during the 1970s and 1990s. Recent rapid growth has been attributed to the nearby Deseret Peak recreational center, the Utah Motorsports Campus raceway, and the newly built Wal-Mart distribution center located just outside the city. It is quickly becoming a bedroom community for commuters into the Salt Lake Valley.
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Can you file for bankruptcy twice?https://t.co/vYBfW1H3Oo pic.twitter.com/xsOYexpYDI
— Jan Meriss Alfonso (@MerissJan) November 9, 2022
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