2nd Chapter 7 filing - questions

[dlynk196]

I don't want to go through the entire story, but we had filed for Chapter 7 bankruptcy protection 8 years ago and were discharged due to a medical situtaion. Unfortuntaely, we have to file again next month due to my wife losing her job right before getting pregnant with our 3rd child. It's our only choice at this point. I have a few questions

1) Can we keep our home? - We don't have much equity at all in it

2) Can we keep our car ? 1 car with a loan, no equity either.

3) What are the rules for a 2nd discharge? Does it take around 90 days like our first? Does it last on our report for 10ys like our first?

Please advise, as we are beyond stressing and receiving so much different information from people. This form was a life-saver for us in re-building credit and we are looking to you again for help and information.

Thanks,

Dan

[ojefferyo]

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@dlynk196 wrote:

I don't want to go through the entire story, but we had filed for Chapter 7 bankruptcy protection 8 years ago and were discharged due to a medical situtaion. Unfortuntaely, we have to file again next month due to my wife losing her job right before getting pregnant with our 3rd child. It's our only choice at this point. I have a few questions

1) Can we keep our home? - We don't have much equity at all in it

2) Can we keep our car ? 1 car with a loan, no equity either.

3) What are the rules for a 2nd discharge? Does it take around 90 days like our first? Does it last on our report for 10ys like our first?

Please advise, as we are beyond stressing and receiving so much different information from people. This form was a life-saver for us in re-building credit and we are looking to you again for help and information.

Thanks,

Dan

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If you file before then there should not be much of a difference. Not much has changed in the BK scene. 

[dlynk196]

Thanks for replying - I just wasnt sure if maybe instead of 3 months after filing we would receive a discharge as we did in the first one, or is it some longer period because its the 2nd?

We are worried about our home too? We didnt own a home when we filed the first time, so this will be new to us this time. We are petrified of losing it...again, little equity

[Pway]

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@dlynk196 wrote:

Thanks for replying - I just wasnt sure if maybe instead of 3 months after filing we would receive a discharge as we did in the first one, or is it some longer period because its the 2nd?

We are worried about our home too? We didnt own a home when we filed the first time, so this will be new to us this time. We are petrified of losing it...again, little equity

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No it is the same period as you filed before.  If you have a good and reputable attorney you have nothing to worry about.  As long as you reaffirm your house then you are good to go.