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If I Filed A Chapter 7 Within The Last Eight Years, Can I Still File For Bankruptcy?

Yes, you can. But you will be limited to a Missouri or Illinois Chapter 13 bankruptcy. The federal bankruptcy code states that an individual may not file a St. Louis Chapter 7 bankruptcy more than once every eight (8) years. Once the eight year mark is passed (this is the date on which you filed the case, not when you received your discharge), you are again eligible.

But yes, you may still file for bankruptcy during this eight year window. You can still file a St. Louis Chapter 13 bankruptcy. This is described as a repayment plan over the course of three (3) to five (5) years, during which certain creditors are paid back. Examples of the types of debts paid back are mortgage arrearage, car notes, tax debt, back child support, and possibly a portion of your unsecured debt (however, there is always a good chance that even this type of debt can be fully discharged as well).

There are a number of beneficial things that you can do in a Chapter 13 that you cannot do in a Missouri or Illinois Chapter 7. For instance, you can get rid of a second (or junior) mortgage attached to your house in a 13. So long as the fair market value of your home is less than what you owe on the first mortgage, then any junior lien can be stripped off. This means that you would only have to deal with one mortgage thereafter. It is also possible to ‘cram down’ the amount that you owe on your car to the actual value of the automobile. Many people are upside down on their cars (i.e. they owe more than the car is worth). So long as you purchased the car 910 days or more ago (which works out to be roughly two and a half years), then you will only be required to pay back the value of the car as opposed to the balance on the note (which can sometimes be a difference of thousands of dollars).

The other nice thing about the Chapter 13 is that it allows you to consolidate all of your bills into one, easy to manage, monthly payment. This can greatly lessen the stress you are dealing with, and put you in a position to get control over all the expenses and bills you have struggling to keep in check.

The affordable St. Louis bankruptcy attorneys at Brinkman & Alter, LLC have been providing expert bankruptcy legal services for over ten years. Our goal is to make sure that you are put in the best position possible to rebuild your life by getting you the fresh start / clean slate that you deserve.