Introduction
Filing for bankruptcy can be a difficult decision, but for many individuals and businesses, it can provide a fresh start and relief from overwhelming debt. However, once you have filed for bankruptcy, you may wonder how long you have to wait before you can file again if needed. In this article, we will explore the timeframes and restrictions associated with filing bankruptcy multiple times.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the most common type of bankruptcy filed by individuals. It allows for the discharge of most unsecured debts, such as credit card debt and medical bills. If you have previously filed for Chapter 7 bankruptcy, there are specific waiting periods you must adhere to before filing again.
If you have received a discharge in a previous Chapter 7 bankruptcy case, you must wait eight years from the date of filing that case before you can file another Chapter 7 bankruptcy and receive another discharge. This waiting period is in place to prevent abuse of the bankruptcy system and to ensure that debtors have a reasonable opportunity to repay their debts before seeking another discharge.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is a reorganization bankruptcy that allows individuals with a regular income to create a repayment plan to pay off their debts over a period of three to five years. If you have previously filed for Chapter 13 bankruptcy, the waiting periods for filing again differ from those of Chapter 7 bankruptcy.
If you received a discharge in a previous Chapter 13 bankruptcy case, you must wait two years from the date of filing that case before you can file another Chapter 13 bankruptcy and receive another discharge. However, if you have filed for Chapter 13 bankruptcy before and want to file for Chapter 7 bankruptcy, you must wait six years from the date of filing the Chapter 13 case before you can file for Chapter 7 and receive a discharge.
Exceptions to the Waiting Periods
While the waiting periods mentioned above are generally applicable, there are some exceptions that may allow you to file for bankruptcy sooner. These exceptions include:
1. Change in Chapter: If you previously filed for Chapter 7 bankruptcy and received a discharge, but now want to file for Chapter 13 bankruptcy, you may be able to do so without waiting the full eight years.
2. Change in Discharge: If you previously received a discharge in a Chapter 7 bankruptcy case, you can file for Chapter 13 bankruptcy and receive a discharge after four years from the date of filing the Chapter 7 case.
3. Change in Discharge: If you previously received a discharge in a Chapter 13 bankruptcy case, you can file for Chapter 7 bankruptcy and receive a discharge after six years from the date of filing the Chapter 13 case.
It is important to consult with a bankruptcy attorney to understand the specific rules and exceptions that apply to your situation. They can provide guidance based on your individual circumstances and help you navigate the bankruptcy process.
Conclusion
The waiting periods for filing bankruptcy again depend on the type of bankruptcy you previously filed and the type you wish to file in the future. For Chapter 7 bankruptcy, the waiting period is eight years from the date of filing the previous case. For Chapter 13 bankruptcy, the waiting period is two years from the date of filing the previous case. However, there are exceptions to these waiting periods, such as changing the chapter or type of discharge. Consulting with a bankruptcy attorney is crucial to understanding the specific rules and exceptions that apply to your situation.
References
– United States Courts: Bankruptcy Basics – www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics
– Legal Information Institute: Chapter 7 – Bankruptcy Basics – www.law.cornell.edu/wex/chapter_7_-_bankruptcy_basics
– Legal Information Institute: Chapter 13 – Bankruptcy Basics – www.law.cornell.edu/wex/chapter_13_-_bankruptcy_basics
