Can I File For Chapter 7 A Second Time ?
Filing for Chapter 7 bankruptcy is worst of the lot as all your assets are used to pay off your debts. However sometimes this might be a saving grace and this kind of bankruptcy has lesser effects on the credit report as the debts are being paid off. Also, it all depends on the kind of assets you have to disburse. |
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People usually who own several properties and do not need as many go for this kind of bankruptcy filing. They have nothing to lose even if a few of their properties are disbursed and it makes it tension free for them. However, people who have only one house to live and that has been bought with an entire lifetime of savings should not file for Chapter 7 even in the first place.
If you are facing extreme financial strife in your life, then you can file for a Chapter 7 bankruptcy for the second time. Several people actually file for bankruptcy under Chapter 7 for the second time due to international credit card abuse.
According to the Internal Revenue Service, a person has to wait for at least 8 years for filing for bankruptcy for the second time. It takes a minimum of seven years for the credit report to come back to normal and also for the existing bankruptcy case to be closed with the court. Two cases of bankruptcy cannot be open at the same time with any court. It is considered as a fraud under multiple filing.
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