If you have been discharged of debts through chapter 7 you have to wait 8 years before you can file for chapter 7 bankruptcy in Chicago again.
However the answer to this question Yes, you can file bankruptcy before the 8 years is up. Depending on the situation, you can file Chapter 13 Bankruptcy. Chapter 13 Chicago can help you stop foreclosure and garnishments even if you have already had another bankruptcy within the last 8 years.
Chapter 13 bankruptcy allows you to restructure your finances so that you can keep your assets.
It may make sense to file for Chapter 13 Chicago for several reasons:
1. You may be able to keep your assets – Chapter 13 bankruptcy allows you to set up a payment plan with your creditors for a set period of time. Upon completing the payment plan you will be discharged of the remaining debts and allowed to keep your assets.
2. You make too much money – You have to qualify to file chapter 7 bankruptcy by taking a means test. For those who make more than the median income filing chapter 13 Chicago is their only choice.
3. Save your home from foreclosure and your car from repossession – When you fall behind on your bills you may begin to feel threatened by foreclosure and car repossession. Making the decision to file chapter 13 Chicago gives you the opportunity to stop foreclosure and repossession.
Everyone’s financial situation is different. If you have already filed for chapter 7 bankruptcy in Chicago consider talking with Chicago bankruptcy lawyers about what your options may be. Request a Free Legal Evaluation and find out what your options are.
