A "motion to modify" a chapter 13 can be filed for almost any reason. Contact the BK trustee for the exact procedures required.
The U.S. Bankruptcy Code allows debtors to file for bankruptcy multiple times, but has changed the number of years you must wait between filings. Previously, a debtor could file under either Chapter 7 or 13 after a six-year waiting period. In 2005, this changed to coincide with the new rules for bankruptcy filings under Chapter 13.Chapter 13 After Chapter 7Section 1328(f) of the U.S. Bankruptcy code restricts debtors who previously filed for bankruptcy under Chapter 7 from filing under Chapter 13 for four years from the date of the Order for Relief.Chapter 13 After Chapter 13Under the same section, debtors who previously filed under Chapter 13 can again file under Chapter 13 after a mere two years from the date of the Order for Relief, although you may be required to finish payments under your reorganization plan before the judge will accept your filing.After a Dismissed Bankruptcy FilingIf you filed for bankruptcy, but the judge rejected or dismissed your filing, or you voluntarily or involuntarily withdrew from the proceedings, you may file under either chapter 180 days after the dismissal/withdrawal date.Rules for Filing Bankruptcy Multiple TimesWhile the U.S. Bankruptcy Code does not restrict the number of times a debtor may file bankruptcy, bankruptcy judges can--and do. Many judges routinely reject additional bankruptcy filings when they feel a debtor is abusing the protection or failing to honor his financial obligations to his creditors.ConversionsIf you wish to file bankruptcy under Chapter 13 because the provisions seem more appealing, you should consider converting your open Chapter 7 bankruptcy to a Chapter 13, instead.
If you have a mountain of debt that will force you to file for bankruptcy, there are two types of protection that you can file for with the bankruptcy courts. The first kind of bankruptcy protection is called chapter 7 bankruptcy. Under chapter 7 bankruptcy, your assets will be liquidated and the proceeds from the sales will go towards paying off your debts. Most remaining debts will then be discharged by the courts. The second kind of bankruptcy that you can file for is called chapter 13 bankruptcy. Chapter 13 bankruptcy is more closely related to debt consolidation in that your debts are reorganized and a payment plan is set up between you and your creditors. Chapter 13 bankruptcy is sometimes called a working man's bankruptcy because one of the requirements of filing for the protection is having a job with a steady income. In a chapter 13 bankruptcy filing, you and your lawyer will devise a payment repayment plan that explains to the courts how you will handle your creditors. Most payment plans allow you to make payments for a period between 30 and 60 months after the initial filing. According to current bankruptcy laws, the debtor must prove to the courts that he will be able to carry out the plan for the duration of the time period. Current chapter 13 bankruptcy laws give judges the ability to factor in your living expenses while repaying your debt. However, federal standards are in place that makes it difficult for judges to customize expenditures on a case to case basis. Chapter 13 bankruptcy can also be a punishment for those that have file for chapter 7 bankruptcy fraudulently. Many people prefer to file for chapter 7 bankruptcy because they will not have to repay most of their debts. However, not everyone qualifies for this kind of protection. In order to qualify for chapter 7 bankruptcy, a person must make no more than $167 over the median income of the state. If the courts find out that a person does violate this requirement, the chapter 7 protection can be revoked and changed to chapter 13. Most people that file for chapter 13 bankruptcy will also be required to attend classes that will teach them about money management and personal finance. If you fail to attend the classes or do not pass, your bankruptcy may be revoked, which will erase any protection that you were granted from your creditors. The laws surrounding chapter 13 bankruptcy are quite complex. Should you ever have to file for bankruptcy, hire a bankruptcy attorney who can guide you through the process. Even though your finances may be tight, hiring a bankruptcy lawyer can save you time and make sure that your interests are protected in the wake of your looming bankruptcy.
The length of time a discharged 7 or 13 bankruptcy can remain on a credit report has always been 10 years. A dismissed chapter 13 remains for 7 years a dismissed chapter 7 remains for 10 years. Therefore, no type of clause applies because the requirement has never changed. Bankruptcy laws and credit reporting laws are two entirely different issues.
A Chapter 12 lawyer is a legal expert who specializes in a particular type of bankruptcy known as Chapter 12 bankruptcy. Sometimes they may take on cases involving several different types of bankruptcy, and sometimes they may exclusively handle Chapter 12 cases. When an individual or a business ends up in a situation where its debt obligations are larger then its revenue, bankruptcy is a legal option that may be taken advantage of in order to prevent creditors from compensating assets. When bankruptcy occurs, it is often the result of difficult financial troubles, which may be the result of the economy as a whole or the financial situation of the debtor. There are several different types of bankruptcy. Chapter 12 protects farmers and fishermen. Since it is so specialized, it is often less well known than other types of bankruptcy. For an individual to legally qualify as a farmer of fisherman covered under Chapter 12, several conditions must be met. A Chapter 12 attorney can help identify if these conditions are met. First of all, the debts can not be greater than $1.5 million. A minimum of 80% of this debt must be farm or fishing related. A mortgage is not included in this figure. To qualify, the individual must also have earned at least half of their income from farming or fishing in the previous year. They also must be able to earn enough to make sufficient payments to be granted Chapter 12 bankruptcy. Farmers and fishermen often faced bankruptcy obstacles prior to the creation of Chapter 12 bankruptcy, which was created in 1986. Chapter 11 and Chapter 13 bankruptcy were inconvenient for farmers and fishermen to comply with. When Chapter 12 was introduced, many lawmakers felt that it was a temporary measure until more comprehensive laws were written for the other types of bankruptcy. It was originally set to expire in 1993, but the law was later changed. Chapter 12 bankruptcy is similar to Chapter 13 bankruptcy, but it has a higher debt ceiling. This is important because farmers and fishers incur much higher debts than typical workers during normal business operation. Chapter 12 bankruptcy allows a fisher or farmer to pay off debts within three or five years. In some circumstances, they may be given to opportunity to pay off these debts over a longer period of time. Chapter 12 bankruptcy is complicated to file and undergo, and it is virtually impossible without the assistance of a qualified legal representative.
Bankruptcy laws changed dramatically in 2005 and make it considerably harder for people to file chapter 7 bankruptcy, those people who do not qualify for chapter 7 are left with the option of chapter 7. Some of the major changes with chapter 7 are:In a Chapter 7 bankruptcy, the income of the person filing will be subject to a two-part test. First, your income will be calculated with exemptions such as rent and food to determine whether you can afford to pay 25 percent of your unsecured debt such as your credit card bills. Second, your income will be compared to your state's median (middle) income.You won't be allowed to file for Chapter 7 if your income is above your state's median income and you can afford to pay 25 percent of your unsecured debt. Even if your income is below the state's median income and you can pay 25 percent of your unsecured debt, the court may still deny your Chapter 7 filing. There will be very few exceptions to this test, no matter how sympathetic your case is.
This is the question I get from every one of these clients. Fortunately, the answer is YES! However, when the bankruptcy laws were changed in 2005, various waiting periods were imposed. In every case, you can file bankruptcy again; it's just a question of how long you have to wait.Four Important Notes About Filing a Second Bankruptcy CaseThe first important note you need to know is that the waiting period starts from the date you filed your prior bankruptcy petition and ends on the date you filed your second bankruptcy petition.The second important note is that you only have to wait if you received a discharge in your prior case. If you did not receive a discharge, you can file immediately. For example, if you filed a Chapter 13 bankruptcy case, and it was dismissed because you were unable to make payments, you do not have to wait at all to re-file a second case (provided, of course, that you meet other necessary criteria - speak to an attorney about this).The third important note is if your prior case was a Chapter 13 bankruptcy case in which you paid back your unsecured creditors at least 70%, then you do not have to wait at all.The final important note is that the waiting period does not prevent you from filing again; it just prevents you from getting a discharge. You can still file without waiting - you just do not get the benefit of the discharge. Why would you do this? If the sole purpose of re-filing is to stop foreclosure, you probably do not need to wait several years, as you still get the benefit of the bankruptcy stay in a Chapter 13 case as well as the ability to cure arrears with a payment plan.The Waiting Periods Are 2, 4, 6 and 8 YearsTwo YearsIf your prior case was a Chapter 13 bankruptcy case and your new case will be Chapter 13, then the waiting period is only two years.Four YearsIf your prior case was a Chapter 7 bankruptcy case and your new case will be Chapter 13, then the waiting period is four years.Six YearsIf your prior case was a Chapter 13 bankruptcy case and your new case will be Chapter 7, then the waiting period is six years.Eight YearsIf your prior case was a Chapter 7 bankruptcy case and your new case will be Chapter 7, then the waiting period is eight years.Important Note for homeowners in foreclosure: Even if you do not qualify to file again based on the above criteria, you can still file for Chapter 13 if the primary concern is curing mortgage arrears. In this instance, you will not receive a Chapter 13 discharge, but you will be able to cure all of your mortgage arrears and stop foreclosure.
When a business does a re-organization" type bankruptcy. Similar to an individuals Chapter 13. It is presumed the company, although changed in more ways than just financial, will continue after. Basically, it allows a business that is experiencing the "cash flow" problems, or a failure of a portion of its' operations, or such, to get protection and re-organize, refinance, frequently change around debt holders to stock holders (avoiding interest but giving them ownership), etc.
First, you don't file BK on a thing..a loan or a debt...YOU file BK and it effects everything you own and everything you owe. No picking and chosing. Gov't insured or Guranteed student loans - which means most all programs - are exempt from discharge in bankruptcy. Therefore, they will not be changed.
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