If enough time has not taken place, but a debtor wants to eliminate their debt in a subsequent chapter 7 and has sufficient assets to do so, filing another case may be a good idea. Suppose a debtor has a messy asset(lawsuit, insurance claim, etc) but wants to use that to pay creditors. By filing another chapter 7, the trustee can liquidate that asset to pay the debts. Although the debtor may not be getting top value for the asset since the trustee only cares about getting enough money to pay the creditors, it may be worth the peace of mind for the debtor in not dealing with the asset and having the trustee in charge of converting it to dollars.
Or, maybe a debtor recently filed a chapter 7 and has remaining non-dischargeable student loans or taxes. The debtor could then file a subsequent chapter 13 and be protected for the next 5 years without any worries of lawsuits, levies, or wage garnishments, even though at the end of 5 years no discharge is entered. Then, maybe at that date, the debtor might also be eligible to eliminate the debt in another chapter 7 or 13.
In a nutshell, the time frames between discharge eligibility are as follows:
8 years between 7s. -727(a)(8)
2 years between 13s. -1328(f)(2)
4 years between a 7 and 13 -1328(f)(1)
6 years between a 13 and 7(if under 70% plan). -727(a)(9)
The time is counted from filing to filing - not from first discharge to second filing.
So don't immediately give up on bankruptcy relief just because not enough time has passed. With a little pre-bankruptcy planing and creative filing techniques, you and your attorney can probably get you the relief you need!
Yes, there are no time limits for filing a Chapter 13 bankruptcy.
C-11 is for Corporations. If a Corp does a C-7 it dissolves and doesn't exist anymore, hence doing a C-11 would be difficult to say the least.
Borders bookstores filed for Chapter 11 bankruptcy on February 16, 2011.
Some strict limitations have been set by the new bankruptcy law. Debtors will not be able to file Chapter 7 bankruptcy if they've been through a Chapter 7 within eight years of the new filing. If they want to file for Chapter 13, they will not receive a discharge within two years of a previous Chapter 13 discharge and within four years if they were discharged from a Chapter 7, 11 or 12 bankruptcy.
The US Courts is the best place to source information regarding chapter 11 bankruptcy filing. Here you will find valuable information including how the chapter 11 bankruptcy works. Other sites that provide information include; Investopedia and Wikipedia.
You may not be able to withdraw a Chapter 11 filing. You should talk to your lawyer to determine the best course of action.
Under the new Bankruptcy laws you must now wait 8 years before filing another Chapter & or Total Bankruptcy as it is better know. You may be eligible to file if eligible a Chapter 13 to structure repayment to those creditors.
Very possibly.
A Chapter 7 case is commenced by the debtor filing a voluntary petition or at least three creditors filing an involuntary petition. A husband and wife can file a joint petition. 11 USC § 302.
Yes, they are filing Chapter 11 bankruptcy protection with a restructuring agreement that allows them to raise $77.5 million in new cash.
No.
File a proof of claim
Its bankruptcy filing was largely due to the decline in housing and mortgage markets. It did receive $2.3 billion in Troubled Asset Relief Program (TARP) funds but was ultimately not enough for the firm to avoid bankruptcy.
It is possible for the married couple to file a chapter 13 or in some instances a chapter 11.