Filing bankruptcy for...(gulp) a second time

I person recently contacted me about filing for bankruptcy in Illinois and had a very good question. She wrote me:
"I want to know if I was discharged from a chapter 7 bankruptcy in 2003 or 2004, can I file another bankruptcy case in 2008 again for a chapter 7 due to a hardship? It would be for a car note for $20,500 . I also have a credit card that i probably would keep with a balance of $1,000 and payments are only 30 a month. I'm also a authorized user for my mom's AMEX and that is on my credit. -What will happen to that? I just can't afford paying the vehicle note anymore. I have tried to trade it in and sell it, but because of the negative equity in the vehicle, and the poor economy no one wants to buy it. Is this possible? What is my next step? Please help! Thanks in advance."

Answer:
Chapter 7 is only available again 8 years from the date you filed your last chapter 7. So, here, you would be able to file Chapter 13. With a chapter 13, you can pay back anywhere from 10% and up based on your income and your assets. Speak to a local attorney to help calculate your monthly payment.

Terry Leeders

http://chicago-bankruptcy.blogspot.com

Occupation: Bankruptcy Attorney

* Industry: Law * Occupation: Chicago Bankruptcy Attorney * Location: Chicago : Illinois : United States About Me Terry Leeders grew up just outside of Chicago, Illinois in Elmwood Park. He graduated from the University of Illinois, Urbana-Champaign and Thomas M. Cooley Law School. Terry started his legal career in 1998, where he focused his practice on Chapter 7 and Chapter 13 consumer bankruptcy cases. He has met with and counseled over four thousand clients about their financial needs. Terry realized that there was more he could offer each client in a small firm environment. Terry wanted to improve his client’s experience so he opened up the law firm of Leeders & Associates, Ltd. in which he can give his clients that one on one personal service they deserve. In addition to bankruptcy, Terry also focuses his practice on real estate, commercial leasing, landlord-tenant disputes, estate planning, wills and personal injury. * Education: Thomas M. Cooley Law School Lansing Michigan 1998 Juris Doctorate Degree University of Illinois Urbana-Champaign Illinois 1993 Bachelor's of Science Degree in Psychology Bar Admissions: U.S. District Court Southern District of Illinois 2000 U.S. District Court Central District of Illinois 2000 U.S. District Court Northern District of Indiana 1999 U.S. District Court Northern District of Illinois 1998 State of Illinois Supreme Court 1998 Organizations: Chicago Bar Association Illinois State Bar Association Tau Epsilon Phi Fraternity http://www.leederslaw.com http://www.chicagobankruptcynetwork.com http://www.luckyrealtygroup.com http://chicago-bankruptcy.blogspot.com http://bankruptcy-lawyer.blogspot.com http://filebankruptcy.blog.com http://chicago-sportschat.blogspot.com 312-427-7400 20 E Jackson Blvd. Suite 850 Chicago, IL 60604 We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

http://leederslaw.com