There are a host of bankruptcy codes out there, and some people have heard the term \u201cChapter 20\u201d bankruptcy.<\/p>\n
What is it?<\/p>\n
Well, there is no such thing as Chapter 20 in the official bankruptcy code. What \u201cChapter 20\u201d refers to is the combination of filing for Chapter 7 and receiving a discharge, then later filing for a Chapter 13 to take advantage of the benefits of both types.<\/p>\n
Chapter 20 filings were recently limited during the Bankruptcy Reform Act of 2005, which made it less easy to file for successive bankruptcies. The amendments limited the public to filing for Chapter 13 every two years. Also, you cannot file for Chapter 13 unless four years have passed since filing for Chapter 7.<\/p>\n
To better understand Chapter 20 filings, it is first important to understand what chapters 7 and 13 are all about.<\/p>\n
Chapter 7 seeks to relieve someone from a debilitating amount of debt while liquidating (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" There are a host of bankruptcy codes out there, and some people have heard the term \u201cChapter 20\u201d bankruptcy. What is it? Well, there is no such thing as Chapter 20 in the official bankruptcy code. What \u201cChapter 20\u201d refers…<\/span><\/p>\n