The U.S. Bankruptcy Code does not preclude you from filing more than one bankruptcy petition, and in fact you may need to file successive petitions if your financial circumstances worsen or you incur new unanticipated debts. If you are interested in filing for Chapter 13 bankruptcy after a previous discharge in Dallas, you may be subject to a waiting period that begins as of the filing date of the prior case, but that option is available to you.
The Chapter 13 bankruptcy attorneys at Allmand Law Firm can help you determine if you are eligible for a new petition and how you can best proceed to file that petition for optimum results. Whether you are interested in preserving assets or in modifying or extending a payment plan, we can guide you through the process while evaluating your alternatives to manage your debt load.
What Are the Consequences of the Waiting Period for Filing a New Chapter 13 Petition?
Before you file your new Chapter 13 bankruptcy petition, your Dallas attorney will determine the filing date of your previous petition. A two-year waiting period for filing the new petition commences as of that date. The previous case will not be fully discharged until you complete the payment plan, but you are still eligible to file a new petition, for example, to address new debts or to change your payment plan obligations.
If you file a new Chapter 13 petition before the two-year waiting period, the bankruptcy court can elect to entertain your request, but any new debts that you have incurred will not be eligible for discharge under the new petition. Allmand Law’s Chapter 13 bankruptcy lawyers can provide specific details about the ideal filing period for your new petition.
Can I File a Chapter 13 Petition After A Discharge of a Previous Chapter 7 Petition?
A Chapter 7 petition does not apply to all of your debts, including, for example, certain government fines and penalties, unsecured debts that were inadvertently omitted from the schedule of debts you submitted with your Chapter 7 petition, and loans you took from a retirement plan. You might want to file a Chapter 13 bankruptcy petition in Dallas to address those debts after your previous petition is discharged.
In these circumstances, the new petition is sometimes called a “Chapter 20” bankruptcy. Overall, the dual filing process can have valuable strategic purposes. You might initiate a Chapter 7 petition, for example, to completely eliminate certain debts from your total liabilities. Without those debts, you and your attorneys can develop a three- to five-year payment plan under Chapter 13 for non-excused liabilities. If the court agrees that the proposed payment structure is manageable, the successive filings of Chapter 7 and 13 petitions can put you in the best possible position to rebuild your financial life.
Contact a Dallas Lawyer for More Information About Filing for Chapter 13 Bankruptcy After Previous Discharge
Bankruptcy laws and processes developed as a practical means to allow individuals and businesses to rebound from overwhelming financial circumstances. The attorneys at Allmand Law Firm have in-depth knowledge of how to use and apply those laws to help good people recover from tough times.
We can examine whether filing for Chapter 13 bankruptcy after previous discharge in Dallas is the right strategic plan for you, or if some other aspects of U.S. bankruptcy laws will better respond to your circumstances. Please call our office at your convenience for a no-fee, no-obligation evaluation of your case by a member of our experienced bankruptcy protection team.
