Introduction
Filing for bankruptcy can be a difficult decision to make, and it is important to understand the consequences and limitations that come with it. One common question that arises is how long before you can file bankruptcy again. In this article, we will explore the timeframes and restrictions associated with filing for bankruptcy multiple times.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is a type of bankruptcy that allows individuals to discharge their debts and start fresh. If you have previously filed for Chapter 7 bankruptcy and received a discharge, there are specific time limits before you can file again. According to the U.S. Bankruptcy Code, you must wait eight years from the date of your previous Chapter 7 filing before you can file for Chapter 7 bankruptcy again. This waiting period is in place to prevent individuals from abusing the bankruptcy system.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is another common type of bankruptcy that involves creating a repayment plan to pay off your debts over a period of three to five years. If you have previously filed for Chapter 13 bankruptcy and received a discharge, the waiting period before you can file again differs from Chapter 7 bankruptcy. According to the U.S. Bankruptcy Code, you must wait two years from the date of your previous Chapter 13 filing before you can file for Chapter 13 bankruptcy again. However, there are some exceptions to this rule. If you have paid off all your unsecured debts in the previous Chapter 13 case or have paid at least 70% of your unsecured debts and your plan was proposed in good faith and represented your best effort, you may be eligible to file for Chapter 13 bankruptcy again sooner.
Chapter 7 after Chapter 13
If you have previously filed for Chapter 13 bankruptcy and received a discharge, and now you want to file for Chapter 7 bankruptcy, there are specific waiting periods to consider. According to the U.S. Bankruptcy Code, you must wait six years from the date of your previous Chapter 13 filing before you can file for Chapter 7 bankruptcy. However, there are exceptions to this rule as well. If you have paid at least 70% of your unsecured debts in the previous Chapter 13 case and your plan was proposed in good faith and represented your best effort, you may be eligible to file for Chapter 7 bankruptcy sooner.
Conclusion
In conclusion, the waiting periods for filing bankruptcy again depend on the type of bankruptcy you previously filed. For Chapter 7 bankruptcy, you must wait eight years from the date of your previous filing, while for Chapter 13 bankruptcy, the waiting period is two years. If you want to switch from Chapter 13 to Chapter 7 bankruptcy, you must wait six years from the date of your previous Chapter 13 filing. It is important to consult with a bankruptcy attorney to fully understand the eligibility requirements and waiting periods before filing for bankruptcy again.
References
– United States Courts: Bankruptcy Basics – Chapter 7 Eligibility: www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-7-eligibility
– United States Courts: Bankruptcy Basics – Chapter 13 Eligibility: www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-13-eligibility
– Cornell Law School Legal Information Institute: 11 U.S. Code § 727 – Discharge: www.law.cornell.edu/uscode/text/11/727
– Cornell Law School Legal Information Institute: 11 U.S. Code § 1328 – Discharge: www.law.cornell.edu/uscode/text/11/1328
