Re-filing a Missouri or Illinois Chapter 7 is a position that I hope few are in, but if it is necessary, it is possible after a certain amount of time. There are, however, a few tips on making your bankruptcy experience even better the second time around.
I hope that none of my clients ever have to re-file a Missouri or Illinois Chapter 7 bankruptcy. When a family originally files bankruptcy, I try to give them all the tools they need to rebuild their lives and not fall back into debt; I know that needing protection from foreclosure, credit card debt help, and relief from harassing creditors is a position to which most hope never to return.
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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. After you file the first time, you understand the rules, regulations and the entire process. There aren't many surprises left.
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