If you Filed Bankruptcy Before, Can you File Bankruptcy Again?

By Cynthia Podis, Bankruptcy Lawyer

The answer is probably!  There are several types of Bankruptcy.  At Podis and Podis, our bankruptcy lawyers deal with Chapter 7 Bankruptcy and Chapter 13 Bankruptcy for individuals and married couples.  Which bankruptcy to choose?  Well, that is an individual decision and depends on what debts you are trying to wipe out and what items you are trying to keep or repay.

Chapter 7 is for anyone who has dischargeable debt and assets that are not at risk in a bankruptcy.  You can protect your personal items up to $10,000 per person filing bankruptcy and $20,000 per couple. Personal property means items like cash, cars with no loan or with value over what is owed, household goods like furniture, tv, computer, tax refund money, antiques, jewelry and electronics.  The amount of equity in your home is protected up to a point.  This depends on your age and if you have children in the home.   Filing for Chapter 7 Bankruptcy is limited by household income and family size.  The level begins with an individual in Tennessee $43270; with one dependent $53887 and with two dependents $56042.  It is a sliding scale of income to family size.  If you are trying to get rid of debt, and have little or no non-dischargeable debt, then Chapter 7 can help!

Chapter 13 Bankruptcy repayment plans are designed to help you keep your house, car or inheritance.  You need regular income to repay in a Chapter 13 Bankruptcy.  Income can be a job, social security or self-employment.  Chapter 13 helps when you do not qualify for Chapter 7, due to income, or assets or you are behind on payments for a house or car and want to keep them.  Chapter 13 repayment will give you a chance to repay some or all of your debts over a period of up to 60 months.  It stops creditors from calling and suing you when they are listed in the repayment plan.  If you stop paying, then your case will be dismissed or converted to Chapter 7 Bankruptcy.  You still have the protection of exemption in Chapter 13 bankruptcy.  You can keep your secured things like a house or car or boat and repay the debts over time to catch up what you are behind.

Mark Podis and Cindy Podis
Bankruptcy Attorneys in Nashville TN and Cookeville TN

For more information visit www.BankruptcyNashville.com or call 615-399-3800 or 931-303-0740 or toll free 1-888-372-8780 and schedule a free appointment with us! 

 Podis and Podis   1161 Murfreesboro Pike Suite 300  Nashville TN 37217

Podis and Podis 345 S. Jefferson Avenue Suite 207  Cookeville TN 38501 931-303-0740

We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code

This blog post is for informational purposes and does not constitute legal advice.

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