The primary goal of bankruptcy is to receive debt relief and eventually eliminate it completely. With that being said, how often you can file bankruptcy isn’t limited. However, the number of times you can receive a bankruptcy discharge is dependent on your bankruptcy history including past discharges and chapters filed.
If you were granted a bankruptcy discharge in your last filing, you will be required to wait a specified amount of time before being eligible for a full discharge. If you choose not to wait the allotted amount of time you will not receive a full discharge or your case may be dismissed. On the other hand, if you recently filed for bankruptcy but were not granted a discharge, you may file again at any point in time.
Debt can happen when you least expect it. Unfortunately, it may happen shortly after seeking debt relief through bankruptcy. Medical expenses are known for adding up quickly and if you aren’t protected by insurance or you aren’t prepared with an emergency money supply, these expenses can easily push you back into debt. The loss of a job or contributing income (divorce) can also severely impact your ability to make timely payments. Regardless of the cause, you have the opportunity to file for bankruptcy within certain time frames.
The waiting period starts from the date you filed your first bankruptcy, not necessarily the date your debt was discharged.
You Have Filed a Chapter 7
If you have recently filed a chapter 7 bankruptcy and your debts were discharged, you must wait a certain time period before filing another chapter 7 or a chapter 13.
A Second Chapter 7 Filing
You must wait 8 years before filing another chapter 7 bankruptcy if you have previously received a discharge under a chapter 7. If you do not wait 8 years, your case and discharge will be denied and you will remain responsible for your debt. However, chapter 13 bankruptcy may be an option.
Chapter 13 Filing, Post-Chapter 7 Discharge
If, after you received a discharge in chapter 7, you need to file for bankruptcy again, you must wait 4 years before you are eligible to receive a full discharge under chapter 13. If you file a chapter 13 within those 4 years after your chapter 7 discharge, your unsecured debts will not be discharged.
You Have Filed a Chapter 13
If you have recently filed a chapter 13 bankruptcy and your debts were discharged, you must wait a certain amount of time before filing a chapter 7 or another chapter 13.
Chapter 7 Filing, Post-Chapter 13 Discharge
You must wait 6 years after receiving a bankruptcy discharge in a chapter 13 filing before you may file a chapter 7.
However, if you have paid your creditors 70% or more during your previous chapter 13 repayment plan, you are eligible to receive a full discharge under a chapter 7 filed within 6 years. If you have paid your creditors less than 70% in your previous chapter 13, and you file a chapter 7 within 6 years, your debts will not be discharged.
A Second Chapter 13 Filing
After receiving a bankruptcy discharge under chapter 13, you must wait 2 years from the date you filed, to file another chapter 13 bankruptcy. If you don’t wait those 2 years you are not entitled to a discharge.
How often can you file for bankruptcy is a question we hear often. After filing for bankruptcy the first time and/or second time, you should pour your heart, soul, time and energy into remaining debt free. However, you are only human and some situations are unexpected and unavoidable. For this reason you have these options for dealing with debt.
If you need to file bankruptcy, for the first or second time, attain an initial consultation from a bankruptcy attorney to ensure you are choosing the correct debt solution for your situation.
