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Bankruptcy: file Chapter 7 bankruptcy

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annie1
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Subject: Bankruptcy: file Chapter 7 bankruptcy

Fri Jan 16, 2009 1:18 pm

Under what conditions can I file a Chapter 7 bankruptcy? Is it necessary to go for credit counseling program before I file bankruptcy? I have a discharged Chapter 13 bankruptcy in 2002, am I eligible for filing bankruptcy now.

anthony

anthony

anthony

Joined: 31 Jul 2006
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Posts: 550

13573 Magic Points

Fri Jan 16, 2009 1:35 pm

You can file Chapter 7 bankruptcy only if you do not have a permanent source of income to pay off the outstanding debt. If you have an income source from which you can pay off the debt through repayment plans, you would not be allowed to file a Chapter 7 bankruptcy as per the recent bankruptcy laws. This is because Chapter 7 bankruptcy is also known as liquidation bankruptcy and you may not be required to pay a single amount towards the debt.
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scott

scott

Joined: 28 Jun 2006
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Posts: 462

10934 Magic Points

Fri Jan 16, 2009 1:47 pm

Hi annie
If you have a discharged Chapter 13 bankruptcy within the last six years, you are not eligible for filing a bankruptcy. However, if it has been discharged after paying more than 70% of the outstanding debt amount, you can file one even within this 6 years time period. Credit counseling is essential before you file bankruptcy and you must take the counseling program within 180 days of filing bankruptcy.
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SCOTT

Use your credit account responsibly and enjoy a debt free life.

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