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straycat · Posted: Wed Jun 18, 2008 3:51 pm Subject: Chapter 7 - filing another

Does anyone know how long after a chap 7, you can file another chapter 7? I filed chap 7 in may 2000 and it was dischanged in oct 2000.

Posted: Wed Jun 18, 2008 3:58 pm Subject: reply

i thought it was at least 10yrs,if someone else
knows different they will be along,but i think
it is 10yrs.

Posted: Wed Jun 18, 2008 4:17 pm Subject:

8 years:)

Posted: Wed Jun 18, 2008 4:49 pm Subject:

8 years, but you need to be aware that the bankruptcy laws changed in 2005 and it is now a little more costly to file for bankruptcy, and there are some major differences in the Chapters you can file for.

Your income and assets will have to be subjected to a means test (done by your attorney) to see what Chapter of Bankruptcy you qualify to file for.

Chapter 7 - this is the classic elimination of debts. However, with the new laws, much of your assets could be sold by the Trustee to satisfy at least some of those debts prior to discharge - including anything they consider "excessive" - like a vacation home, extra car, boat, camper, or other recreational vehicles. Even your home could be included - depending on how much equity you have built up in it. There are exemptions for a certain amount of assets, and this amount varies from state to state - it's best to contact your attorney about this.

Chapter 13 - this is the "wage earner" plan - called that because if you have a job and can afford to repay at least a percentage of your debts (and you don't want to risk losing your assets in a Chapter 7), you will file Chapter 13. It's a debt repayment plan, lasting 3 to 5 years. Your attorney will work up a repayment plan using your "disposable income" to repay your debts. PLEASE NOTE - your idea of "disposable income", and the Bankruptcy Law's idea of it will probably be VERY different. You may be surprised to find how much they consider "disposable"! Chapter 13 will allow you to keep your house, etc - and it will stop a foreclosure on a home dead in its' tracks (provided you file before the foreclosure sale date). However, you need to keep in mind that you will be living with a reduced income for several years - and while you may be paying off your OLD debts in the Chapter 13 plan, your NEW bills will keep coming - doctor bills, car repair bills, vet bills, home repair bills, new clothes, holidays, etc. You need to consult an attorney to find out how much your plan payment would be, and then ask yourself if you can live with that reduced income for 3 to 5 years. The majority of Chapter 13 plans fail within the first 12 - 18 months because people don't realize how big an effect the reduced income will have on their lives.

straycat · Posted: Thu Jun 26, 2008 3:48 pm Subject:

My lawyer has set me up with a chap 13. He said I dont qualify for chap7 because it had only been 7yrs 11 months. I am wondering if he didnt say wait a month because he makes much more money on a chap 13? I do own my home but it's worth less than I owe so zero equity there. I have a car too with pymts. I want to keep both and am up to date on payments on both. All my debt is cc debt. I am well below the means test for income. Any thoughts?

Posted: Thu Jun 26, 2008 4:13 pm Subject:

Lawyer's do make more money on a 13 than a 7. You might see them make around $1500 on a 7, where they can easily make $3-4K on a 13. You don't realize you're paying them that much because they get paid through the trustee, but look at the last page of your plan and see how much he's charging.

You can always convert a Chap 13 into a Chap 7 later on. He knows this, and will probably just wait until you're eligible to go 7 again, and then convert it.

The only thing I wonder is if you convert a 13 to a 7, does he still charge you full price for the 13? Or does he calculate a rebate once it's converted? You should ask him that.

Posted: Thu Jun 26, 2008 4:28 pm Subject:

Has he already filed the Chapter 13 paperwork? If not, I don't see why you couldn't wait a month and then file a Chapetr 7. If there is no equity in your home, you should still be able to keep it. If you are making payments on your car and are current, you would probably be able to keep it also. Even if you have more equity in it than you owe on it, you are allowed some exemptions and would probably still be able to keep it.

straycat · Posted: Thu Jun 26, 2008 5:17 pm Subject:

He already filed the day I signed the papers and gave him the filing fees and some other costs. It was $474. I have my court date for july 24 to get it approved. His fees are 3000 and are included in the monthly amount. I am to pay $400 for 60 months. I thought it sounded good since my car pymt was already $393 and I have 44 more months to pay. Basically, my car gets paid for, the lawyer gets his 3000 and and my 8 cc companies totally about 20k get a mere $3700. I just hope he has my best interest. He never mentioned converting it. I could have just waited a few weeks if the chap 7 was better. aghhh....the whole reason i am in this situation is because of getting scammed by Hess Kennedy.

Posted: Thu Jun 26, 2008 5:29 pm Subject:

Well, since you were paying almost $400 a month for your car, your monthly expenses won't really go up. You'll just have to keep paying the $400 a month for longer than you had planned on.

You might want to ask him about converting to a chapter 7 since you do meet the means test. And be sure to ask, as DebtCruncher suggested, what would happen with the attorney fees if you were to do that.

Successful filer · Posted: Sat Jun 28, 2008 7:42 am Subject:

Our lawyer switched us and we had to pay the fee for both chapters because he did the paperwork on them both. After checking with other lawyers in our area we found thsis to be a common practice.

Posted: Sat Jun 28, 2008 8:24 am Subject:

Good information to know, Successful! Since I plan to meet with an attorney fairly soon, that is yet another reason that I will definitely want to avoid Chapter 13!

Posted: Wed Aug 13, 2008 11:44 pm Subject:

So if I filed Chapter 7 in 2000 and my BK was discharged in 2001, I can file again in 2009? Or is it from the first filing date? Making it legal to file in 2008?

Posted: Thu Aug 14, 2008 11:07 am Subject:

I'm thinking it is 8 years from the filing date of your first Ch 7.

I'm currently in a Ch 13 and I was thinking about converting to a 7, but I've been told by different people that have done this, that 2 bankruptcies will show on your credit report for the fact of converting.

Posted: Thu Aug 14, 2008 11:45 am Subject:

Yes, it is 8 years, and I think it goes by discharge date (you are only eligible for a discharge once every 8 years).

Posted: Thu Aug 14, 2008 12:23 pm Subject:

And, yes, if you convert a 13 to a 7, TWO BK's will show on your CR.

Is it possible you didn't qualify for a 7 (other than you had filed a 7 before)? It sounds strange that your attorney wouldn't suggest waiting for a month to file the Chap. 7. I would call him and find out.

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