Expert Advice When You Need It Most
Procedure for filing for bankruptcy protection, chapter 7, chapter 13OK. Serious run of bad luck. Lost job after 24 years. Company was sold and I'mout. Was making very good money. Now I'mstuck. No degree. Government is paying for me to goback to school. But I have two cars and one has to go. Ican't afford it. Not sure if Chapter 13 is an option I filed Chapter 7 back in 2004or 2005 after divorce. Attorney answers (3)
Reputation Level 9
Answered over 3 years ago.
Chapter 7 Bankruptcy Attorney in New York, NY.
Under the bankruptcy code, you can qualify for a discharge under Chapter 7 only once every eight years. Therefore, you may be better served by a Chapter 13. That assumes, however, that you have a current source of income. Without current income, you would not qualify for Chapter 13 either.
6 people marked this answer as good
Brett D Weiss, licensed in Maryland and Dist. of Columbia
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Reputation Level 15
Answered almost 3 years ago.
Criminal Defense Attorney in Cleveland, OH.
You cannot receive a discharge in 13 unless your 7 was discharge four or more years ago. So, if it was in 2004, you should be ok. If it was in 2005, there may be a problem. You may want to wait until the four year anniversary date before filing.
Disclaimer: I am not offering legal advice. I am just making suggestions for starting points for when you do speak with an attorney. Do NOT rely on anything I write and contact a lawyer. 1 person marked this answer as good
While it is correct that you need a "source of income" to qualify for a Chapter 13 plan to be confirmed, that "source" can be anything as long as it is a steady, identifiable source of income, which your government payments to return to school may qualify as. Contact a bankruptcy attorney who can look at the income source and determine whether it would qualify or not.
4 people marked this answer as good
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