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How often can I file for bankruptcy?

The waiting time that bankruptcy filers must endure before they can file again -- after a previously successful bankruptcy -- depends on a variety of circumstances, including the type of bankruptcy they filed for in their previous debt dissolution processes. If you have filed for bankruptcy in the past, and you're in debt trouble again, here's some general information you need to know in terms of wait times:

4 signs it's time to file for bankruptcy

If you're like most potential bankruptcy filers, you've held on for as long as you possibly can. You may have even given up paying for your essential needs so that you can pay the money you owe on your credit cards. When push comes to shove, however, you may have no other option than filing for bankruptcy. Hopefully, you realize it's time to file as early as possible.

The 'pros' of Chapter 7 bankruptcy

Each bankruptcy process has its pros and cons. In the case of Chapter 7 proceedings, there are the obvious cons, such as needing to liquidate certain assets, the stringent qualification requirements, the fact it will be a negative spot on your credit report for years and so forth. However, this article doesn't intend to focus on these negatives as the potential benefits are much more important than the cons.

An automatic stay won’t always prevent your foreclosure

One of the benefits of filing for bankruptcy is known as the automatic stay. The automatic stay puts a moratorium on your creditors in their debt collection efforts and it's a feature of both Chapter 7 and Chapter 13 bankruptcy proceedings. However, in some cases, the automatic stay won't stop your creditors from taking legal action against you. Here are a few examples of these situations:

Which of my debts will not disappear via Chapter 7 bankruptcy?

Chapter 7 bankruptcy could allow you to wipe out a lot of debt if you can get approved for the process. However, there are certain types of debt that you probably won't ever be able to legally walk away from. What follows is the short list of debts that tend to be immune from the Chapter 7 process. If the vast majority of your debt happens to fall into one of these categories, it's highly likely that you won't be able to make it disappear:

Loan and debt scams: Mortgage flippers will ruin you financially

Navigating the loan market as a consumer can feel like you're walking through a minefield of potentially bad decisions and scams. The problem with getting scammed on a loan is that victims can suffer a lifetime's worth of debt consequences in "scams" that are just legal enough that the victims don't have any real recourse.

When should you file for bankruptcy?

Deciding when bankruptcy is appropriate for your debt situations may be a difficult decision to make. Especially if you ask around to your friends who have tried bankruptcy, you could get different answers, making it hard for you to see your choices clearly.

Can bankruptcy prevent my home foreclosure?

The last thing any homeowner wants to happen is foreclosure. The fears associated with this process are even worse if your spouse and children live with you in your home. That said, there are many people who have delayed and prevented their foreclosure proceedings through a strategic bankruptcy filing. Chapter 13 bankruptcy may be particularly useful to homeowners in this regard as it's a way to restructure your debt, giving you some breathing room and making it affordable to get back on financial track again.

Important facts about Chapter 7 bankruptcy

There are a lot of misconceptions and false information floating around about Chapter 7 bankruptcy. Because some of this false information is so common, it's understandable that many people seeking bankruptcy will initially believe it. If you're really serious about using bankruptcy as a process to get back on track, keep reading. You might need to educate yourself about common myths.

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