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Filing a Chapter 7 Bankruptcy After Filing Bankruptcy Before

April 13, 2020
Bankruptcy

In this article, we explore the ability of individuals to file a Chapter 7 bankruptcy in Los Angeles after filing a prior Chapter 7 bankruptcy. As of the time we are writing this article, the Coronavirus pandemic is affecting the economy in ways that no one could have expected. While we believe that the number of bankruptcy cases will rise in light of the looming recession caused by the Coronavirus pandemic, we think it is important to discuss the ability of filing consecutive chapter 7 bankruptcy cases. Many individuals who were forced to file a bankruptcy as a result of the housing collapse in 2008-2009 may now have to re-file a new bankruptcy due to the Coronavirus pandemic. The good news is that filing a subsequent bankruptcy case may be possible.

Consecutive Chapter 7 Bankruptcy Cases in Los Angeles Are Allowed, But You Must Wait 8 Years

Before we get into the time period that must be followed between filing consecutive Chapter 7 bankruptcy cases, let us explain what the term “discharge” is. To put it simply, the goal of every Chapter 7 case is to get a “discharge” of all debts. The effect of a “discharge” in a Chapter 7 bankruptcy is the wiping-out of unsecured debt, and eliminating the debtor’s obligation to pay debt. Now, while most chapter 7 bankruptcy cases end in a discharge, for various reasons, some do not.

Now let’s get back to consecutive Chapter 7 bankruptcy cases. The rule provides that if the debtor receives a Chapter 7 discharge in the first case, he/she will not be able to receive a discharge in a subsequently filed Chapter 7 case unless at least 8 years pass between the filing of the bankruptcy petition in the first and second case. The good news is that if someone was affected by the 2008-2009 housing crisis, as well as the current Coronavirus Pandemic, he/she will likely be able to file a new Chapter 7 bankruptcy and get a discharge of the debt. If a discharge was not obtained in the prior bankruptcy case, then the 8 year period may not have to be followed.

Do I Need to Let the Court Know I Filed a Previous Bankruptcy?

The short answer is “Yes”. When filing bankruptcy documents with the Court, a Los Angeles Bankruptcy Attorney should know that all prior bankruptcies must be disclosed. The failure to disclose prior bankruptcy cases may result in problems for the debtor. As such, it is important that the Debtor advise the attorney of any prior bankruptcy cases, so that the attorney knows to include those in the bankruptcy paperwork that the attorney will prepare.

Want to Learn More About Consecutive Bankruptcy Cases in Los Angeles, Consult With a Los Angeles Bankruptcy Attorney Now!

If you or your loved one is considering bankruptcy, give us a call now. We would be happy to talk to you and provide you with all of your options in confidentiality. Contact a Los Angeles Bankruptcy Attorney now!

Call us now at (310) 444-9444 for a FREE CONSULTATION!

 

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