How Many Years Must You Wait Before You Can Refile a Chapter 7 Bankruptcy?

There isn't a day that goes by that I don't appreciate my clients in some new way. I want them to come away from their first bankruptcy filing with the tools they need to be successful. I simply hope that they never have to be in overwhelming amounts of debt again. Asking for protection from foreclosure, credit card debt help, and relief from creditors is certainly hard enough the first time.

However, hard times hit us all. In this economy, I see more and more who have suffered from a layoff or medical emergency and landed right back into debt. Those situations sometimes make it necessary to refile a Missouri or Illinois Chapter 7. So, how soon can those folks seek bankruptcy protection? You can look into refiling a Chapter 7 bankruptcy 8 years after your previous filing. Keep in mind, bankruptcy has changed a bit in the last few years.

New laws were passed in 2005 that require anyone looking to file in Missouri or Illinois to pass the Chapter 7 "means test." The other regulations rules regarding Chapter 7 have stayed the same. You must continue to pay on property that you wish to keep but your unsecured debts, like medical and credit card debt, can still be eliminated. If it is in your best interest to do so, re-filing for Chapter 7 bankruptcy can be an even better experience the second time around. If you've already file a Chapter 7, you have the benefit of already understanding how the process works. There aren't many surprises left—and that could be a good thing.

You also know how to make sure you have the best experience possible. If your first filing left something to be desired, you can now know what to look for in an attorney that can give you a better experience. Plus, you understand that getting the best attorney in your area can be the most important move you make through the entire process. While the re-filing may be easier on you, there could still be complications in your case. Having an experienced and qualified St. Louis, Missouri or Belleville, Illinois bankruptcy is not just recommended, it is mandatory in a re-filing. It can mean the difference between getting your debt discharged—and not.

If re-filing is in your future, it wouldn't hurt to brush up on your bankruptcy knowledge. Though you know the main idea of the process, checking on the changes, the attorneys in the area, and other information you may not remember is probably in your best interest.