The idea of declaring bankruptcy even once can be difficult for individuals and businesses, let alone the idea of declaring twice. However, it’s sometimes necessary to file bankruptcy twice or two different types of bankruptcy to get back on track financially. Here’s what you need to know about filing for bankruptcy more than once and how to get the legal advice necessary to build a successful financial future.
Filing a Second Chapter 7 Bankruptcy
If you originally filed for and were awarded a Chapter 7 bankruptcy and some or all of your debts were discharged, you will not be eligible to file a Chapter 7 again for eight years. None of your debts may be discharged in a second bankruptcy filed within eight years of the filing date of your first successful Chapter 7 case and debt discharge, even if you file for another kind of bankruptcy.
Filing a Second Chapter 13 Bankruptcy
There is a much shorter waiting period between successive Chapter 13 cases. You only have to wait two years after the initial filing date of your first Chapter 13 bankruptcy before you can file for a second one. Ideally, you’ll have completed your repayment plan prior to filing a second time so you no longer owe old debts. However, you may be able to file again and combine repayment plans at the discretion of the bankruptcy court presiding over your case.
Filing a Different Kind of Bankruptcy
The waiting period between filing a different type of bankruptcy from the type you initially filed is determined by which bankruptcy you filed for first. If you filed a Chapter 13 bankruptcy first, you must wait six years after the date you submitted the paperwork to the court before you can file for a Chapter 7 bankruptcy. If you filed a Chapter 7 bankruptcy first, you need only wait four years after it was submitted to file for a Chapter 13.
Considering Declaring Bankruptcy Again? Let Us Help
If you’re considering whether or not to file for bankruptcy a second time, it’s critical that you obtain legal guidance as soon as possible. Declaring bankruptcy once can be complicated on its own and filing twice is often even more challenging. Beecher & Conniff Bankruptcy Lawyers can help you decide if a second bankruptcy is the right option for you and will assist you through the filing process. Call now for a consultation at 253-627-0132.