Have you ever had a bad thing happen to you? Of course right? Have you ever had a bad thing happen to you twice? Of course right? Bad things happen to good people. Businesses fail, incomes drop, medical problems happen, relationships break up, we all make bad financial decisions, so what right?
Sometimes, life deals you a blow and you may need to file another bankruptcy. You can file another Chapter 7 Bankruptcy 8 years after you filed your previous Chapter 7 Bankruptcy. Section 727 of the Bankruptcy Code limits you to filing Chapter 7 Bankruptcy every 8 years. It used to be every 6 years until the Republicans changed the law in 2005.
Section 727(a)(9) allows you to file a Chapter 7 Bankruptcy and get a discharge 6 years after the commencement of a Chapter 13 Bankruptcy in which you received a discharge.
Section 1328(f)(1) precludes a debtor from filing a Chapter 13 Bankruptcy, and getting a discharge, if you have filed a Chapter 7, and received a discharge, in the previous 4 years before filing the Chapter 13. In other words, you would need to wait 4 years from the time you filed a Chapter 7 (and received a discharge) to file a Chapter 13 and qualify for a discharge.
Section 1328(f)(2) precludes a debtor from filing a Chapter 13 Bankruptcy for 2 years after filing a previous Chapter 13 Bankruptcy and getting a discharge. This is rather peculiar since a Chapter 13 plan must be a minimum of 36 months in duration unless you pay everyone in full.
Also, notice that the code does not preclude filing a Chapter 13 immediately after filing a Chapter 7 Bankruptcy, and getting a discharge, you just wouldn’t qualify for a discharge. However, you can keep your creditors at bay with the protection of the automatic stay.
When the time is right, or when you are ready, reach out to Minnesota’s highest google reviewed bankruptcy law firm at www.kainscott.com.