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(Online-Artikel.de) - How many times can bankruptcy be filed, How to file bankruptcy for free, chapter 13 bankruptcy

It might not be that pertinent to ask, How many times can bankruptcy be filed? as much as it could be to know "Will your debts qualify for a discharge in a subsequent bankruptcy petition?" Technically, you could file for bankruptcy any number of times and usually, debtors consider filing bankruptcy under chapter 7, 11 and 13. Here is some crucial information which may help you to understand if your debts could be eligible for a discharge when you file for bankruptcy another time.

It might not be that pertinent to ask, How to file bankruptcy for free? as much as it could be to know "Will your debts qualify for a discharge in a subsequent bankruptcy petition?" Technically, you could file for bankruptcy any number of times and usually, debtors consider filing bankruptcy under chapter 7, 11 and 13. Here is some crucial information which may help you to understand if your debts could be eligible for a discharge when you file for bankruptcy another time.

1. Discharge of debts through chapter 7

   Under normal circumstances, debts get discharged in a typical chapter 7 upon completion of the case. However, as per bankruptcy rules and regulations, a debtor can qualify for a chapter 7 bankruptcy discharge only if:

   1. He has not filed chapter 7 or 11 bankruptcy during the past 8 years.
   2. He has no record of filing chapter 12 or 13 for the previous 6 years subject to the condition that the debtor was on to 100% or at least a 70% repayment plan for chapter 13 as part of his best efforts to clear of all unsecured dues.
2. Discharge of debts through chapter 13

   The rules and regulations for securing a chapter 13 bankruptcy discharge have undergone change. Under the new law, you could qualify for chapter 13 discharges on your subsequent attempt only if:

   1. Chapter 13 has been filed 4 years post discharge in 7, 11 or 12.
   2. Two years have elapsed after you have received a discharge under earlier chapter 13 filing.
3. Corporations not eligible for discharge

   Unlike individual debtors, Corporations do not qualify for discharge under chapter 7 bankruptcy. Furthermore, Corporations are not eligible for chapter 13. But they have the opportunity to reorganize their debts under chapter 11 bankruptcy by proposing a repayment plan for the purpose of paying off their debts. Such a plan is approved by the bankruptcy court and therefore, even creditors are bound by the terms and conditions imposed by the court.

4. About debtors filing bankruptcy repeatedly

   There could be certain restrictions on filing for bankruptcy repeatedly. The court has the authority to impose sanctions on some debtors who are found to be abusive filers. This can prevent few bankruptcy filers from abusing the bankruptcy system, which is primarily designed to assist honest debtors to get rid of excessive debts, or manipulating it to their advantage.

To get more useful information on your personal bankruptcy options, it is hereby recommended to utilize the professional services offered by reputed online service providers like BankruptcyOnly.