How Often Can I File for Bankruptcy?

How Often Can I File for Bankruptcy?

If you have filed for bankruptcy in the past, you know that you can get into debt very easily. Sometimes, there are unforeseen circumstances that might make it best for you to file bankruptcy again. Even though you filed for bankruptcy in the past, it is still possible to file again as long as you follow the rules. There are laws in place that provide details for how long you must wait before you can file again after a prior bankruptcy. A knowledgeable bankruptcy attorney will help you through the process. 

Waiting Times to File Bankruptcy

Although you may file bankruptcy as many times as you need to, there are waiting times that you must observe. The wait times vary based on the type of bankruptcy you file. If you filed Chapter 7 you must wait eight years to file another Chapter 7 or four years to file Chapter 13. If you first filed Chapter 13 bankruptcy you must wait six years (or less) to file Chapter 7 and two years to file Chapter 13. It is important to note that the date of bankruptcy is considered the date you filed. If you did not receive a discharge on your last bankruptcy, you may only need to wait for 180 days before you can file again. 

What is a Chapter 20 Bankruptcy?

Chapter 20 bankruptcy is a nickname that people call a Chapter 7 bankruptcy followed by a Chapter 13 bankruptcy. There is no real type of Chapter 20 bankruptcy. This name comes from the addition of 7 plus 13. This is a somewhat common occurrence because this option may be useful for some who need to try to resolve debt that did not get resolved in the original Chapter 7 bankruptcy. You can file for Chapter 13 four years after filing Chapter 7.

Do I Need to File Bankruptcy Again?

Although you may be able to file for bankruptcy, it is best to consider all your options before you file again. You should consider a variety of factors and check whether you have any other ways to resolve your debt other than another bankruptcy. A second bankruptcy will be similar to the first one in that it will provide you with a way to get out of debt but will also become part of your credit history. You can discuss your needs with a bankruptcy attorney to learn your choices so you can make a good financial decision. 

What if My Original Bankruptcy Was Not Discharged

Sometimes the court denies a bankruptcy case with either a dismissal or denial. When this happens, it means that the bankruptcy discharge did not occur. If the court dismisses your case, you will usually be allowed to file for bankruptcy right away. In some instances, the court may require you to wait 180 days to refile. In the case of a denial, you may or may not be able to file bankruptcy again. This will likely depend on the reason for the denial. An experienced bankruptcy attorney will review the situation and help you learn your future bankruptcy options. 

Bankruptcy is an option that is available to you in times of financial distress. In some cases, you may need to file bankruptcy more than once in your life. To find out more about bankruptcy, contact our legal team at Adam Law Group at (904) 351-0743 for a free phone consultation.