How To File For A Bankruptcy Successfully With An Experienced Bankruptcy Attorney?
Bankruptcy is a state of a person or an organization when it becomes unable to repay the debt it owes to the creditors. It is a system by which the debtor can get some relief and make a fresh financial beginning. In other words, your debts can get discharged, or you can buy some more time from your creditors to repay the debt without any negative consequences. A bankruptcy is generally filed by the debtor in the federal court, and the court gives a stay order to the creditor by which the creditors cannot push a debtor to repay the debt immediately. As a matter of fact, at times, the creditor may not be able to call, send letters or file lawsuits against the debtor. Furthermore, if your bankruptcy filing is successful in the court, you do not have to pay a certain amount of debt. If you are looking for an experienced bankruptcy attorney, you can get the best ones at Howard & Associates.
How Can You File For Bankruptcy And How Often?
Filing a bankruptcy successfully is a dream come true for debtor amidst their financial crisis as a large chunk of debt gets discharged. In other words, the debtor does not have to pay them even in future. If you have filed a bankruptcy successfully and your debts were discharged, you cannot immediately file another bankruptcy. You have to wait for a certain time period before you can travel the same route once again. But there is no limit to how many bankruptcy cases you can file and hence, many debtors take undue advantage of this policy.
To file a bankruptcy successfully, you need an experienced bankruptcy attorney to represent yourself in the federal court and come out as a winner. Whether you can file another bankruptcy or not at a certain point in time depends on several factors like the time of the previous case filing, whether your debts were discharged or not, the type of bankruptcy you want to file and the outcome of the previous bankruptcy case.
Chapter 7 And Chapter 13 Bankruptcy Filing –
There are two types of bankruptcy –
Liquidation Bankruptcy (Chapter 7) – When you have little or no money or regular income, you should file for Chapter 7 bankruptcy so that all your debts are discharged.
Reorganization Bankruptcy (Chapter 13) – When you have certain disposable assets and somewhat a regular income, you should file for chapter 13 bankruptcy so that certain part of your debts gets discharged and you will repay the remaining in a certain time period of your choice as sanctioned by the court.
To file a second Chapter 7 bankruptcy, you have to wait for eight years from the date of the first successful chapter 7 bankruptcy filing.
To file a second Chapter 13 bankruptcy, you have to wait for wait two years from the date of the first successful chapter 13 bankruptcy filing. It could be delayed further depending on how late you repay the remaining debts.
Always hire an experienced attorney if you are considering to file bankruptcy so that you have the maximum chances of being successful.