bankruptcy before 2005
Can I declare Bankruptcy again?
I declared a bankruptcy that was discharged in 2001. According to the new 2005 law you need to wait eight years before you can do it again. Does that mean that anyone declaring BK after 2005 has to wait eight years or does that pertain to me as well? Seeing as I did it before the law changed I wanted to find out if I was eligible to do it again.
I know this sounds bad but times tough, my house is worth half what I paid for it…
Life after a BK isn’t all that bad. I managed to repair my credit and buy a house. My first BK was due to a divorce.
Your discharged bankruptcy would have to be reviewed by a qualified bk attorney, they would go by your actual discharge date, month, date, year. The new laws pertain to everyone….say you filed in 2003, you would have to wait, just like 2005….it is by the discharge date. The new laws also have decreased the income qualification for a chapter 7..so you may have to file a chapter 13…as you know an attorney will review your income, debts, taxes and will be able to tell you what chapter you qualify for. If you are wanting to keep the house, you would have to re-affirm on the chapter 7, which the payments need to be current to do so, if you qualify for the chapter 7, a chapter 13, you can run the payments thru a payment plan but the payments do not need to be current. Best advice, find an attorney and get in to see them on a free consultation that way they can go over all of your options and go from there.
Good Luck!!
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Implementation of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005: Hearing Before Subcommittee on Commercial and Administrative La … |
