What are my options to declare bankruptcy?

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Struggling right now with my debt. Looking for another job and had to depend on my credit cards and loans to survive. I filed over 12 years ago when I was young. Can I file again and can I secure property ( IE. home and cars)?

9 Attorney Answers

Best Answer
If you filed more than at least 8 years ago, you will be able to file another bankruptcy so long as you qualify. If you are unemployed and you have no other income earner in your family, then most likely you will qualify.
When you file for bankruptcy, you do not have to sell everything that you own. You are allowed to keep certain items based on what exemption set you chose. Generally in California, for people who do not have real property, then you will use the wild card exemption which gives you approximately $26K of equity to use to exempt various properties you own that are above the exemptions already given to the category of the property.
If bankruptcy is seriously something you are considering, I would recommend you at least consult with an attorney sooner rather than later. The reason is you may get a job soon (which I hope you do). Your new job may be amazing and allow you to make a lot of money. Your new found wealth however may prevent you from filing! Thus, consult with an attorney now to get all the information you need so that you can make the best decision for you.
Best Answer
You are eligible to file again as long as you qualify, The law has changed since your last case as to who is allowed to file Chapter 7 cases.
California has exemption laws that will allow you to keep certain items of property. Exactly what you can keep
will depend on your circumstances and what you own.
I would call around and speak to a local bankruptcy attorney to get information that is specific to your situation. If you have a home and cars to protect, you certainly need to be careful. Talk to a lawyer!
Best Answer
It sounds like you are eligible to file again, given the time that has passed, but whether you can exempt your property depends on the equity you have in that property. At a very basic level, you can exempt approximately $26,000 in equity in anything using the wildcard exemption, but you will also be able to exempt much more, if needed, depending on the nature of the property. Whether you can exempt it all depends on the whole picture. I'd recommend you set up an appointment to sit down with one or more bankruptcy attorneys to discuss your options in light of the entirety of your situation. Most offer free consultations, where you can sit down and figure out a road map to your financial fresh start.
Best Answer
A previous filing over 8 years ago will not prevent you from filing another petition now but there are other factors which may determine your eligibility to file, such as how much you have earned in the last six months and what your assets consist of, which must be discussed with an experienced bankruptcy attorney in your area
Best Answer
You are eligible to file again. I suggest sitting down with a local attorney for a free consultation. There are many good ones in the LA area, many of which you can find here on Avvo.
Good luck!
Rob
Best Answer
Enough time has passed that you may file for bankruptcy again, if you pass the Means Test, which will be determined by your household size and income. If you want to keep your property, as everyone already stated, that'll depend on the equity you have and the exemption limits available to you. You can also reaffirm a debt to keep that specific secured property (eg car) out of bankruptcy, while your other debts that are dischargeable are discharged.
Best Answer
I concur with my colleagues who have accurately laid out your options. BK is not a DIY project. Click the Avvo tab "Find a Lawyer". Many of us offer a free consultation. Also, it is possible for you to deliver the required information to the atty by fax/phone/email so that a trip to the lawyer's office may not be needed.. This can make it more convenient for you to process your petition. Since you last filed, new BK requirements have been added, including two debtor education counseling sessions; One before filing and one after filing.
Best Answer
Yes. You may file another BK at this time.
May/not be eligible to file C7 or C13. Qualifications depend on many factors not stated.
May/not be entitled to protect all assets. Answer depends on many factors not stated.
May/not be eligible to receive C7 or C13 discharge. Answer depends on many factors not stated.
Advisability of filing C7, C13, other workout arrangement depends on factors not stated.
Consult BK counsel before proceeding.
Best Answer
There are different types of bankruptcies that you might consider, such as chapter 7, 11, and 13. Each one may be better suited for different situations. The one that you want to file under will depend on your income, debts, and goal. Consider talking to a local attorney to go over your options. Most, if not all, will gladly offer you a complimentary consultation.

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