How Many Times Can You File for Bankruptcy?

personal-bankruptcy

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Not only are there different types of bankruptcy, but there are also different rules regarding how frequently you can file bankruptcy. The waiting period between filing please between 2 – 8 years. There are also some situations in which you don’t have to wait at all. Understanding how long you must wait can be challenging. Here are a few things that you should know about the waiting period regarding Chapter 7 and Chapter 13 bankruptcy.

Knowing when you can file bankruptcy is important.

The two most common types of bankruptcy or Chapter 7 and Chapter 13. When you can file for bankruptcy once discharged from your current case is different in each of these chapters. As you navigateyour way through this information,it’s important to note that waiting periods only apply if your debts have been successfully discharged in a previous bankruptcy case. This discharge is what releases you from being responsible for the deaths that were included in your bankruptcy case. So, if your case is dismissed without your debts being discharged, you typically won’t need to wait to file again.

There is one contingency that you should be aware of here. You won’t be able to file for bankruptcy right away if any of the following have happened within the past 180 days:

  • You disobeyed the quartz borders, which led to the dismissal of your case.
  • You didn’t show up for a court appearance, so your case was dismissed.
  • You obtained a voluntary dismissal for your case.

Filing Chapter 7 (a.k.a., liquidation) Bankruptcy

With this type of bankruptcy, some of the assets that you own are liquidated and sold so that you can pay your creditors. If this is the type of case you had, you’ll need to wait at least eight years from the date your bankruptcy was filed before filing another bankruptcy.

When you’ve already filed for Chapter 13bankruptcy, and now you want to file for Chapter 7 bankruptcy, the guidelines get more complicated,which is why you’re advised to seek advice from a lawyer.However, here are the basics of what you should know: You won’t have to wait to file your case if all your creditors’ claims were paid in the previous bankruptcyor if at least 70% of the creditors’ claims were paid and a repayment plan was deemed “good faith” and “best effort.” In other words, you must have used all your disposable income (this is the money you have after paying for living expenses and othermandatory payments) to pay your creditors. If neither of these things is true for you, then you must wait six years to file for bankruptcy again.

Filing chapter 13 Bankruptcy (a.k.a., a wage earner’s plan)

With a wage earner’s plan,you’re responsible for paying either some or all of your debts as laid out in a court-approved plan that lasts for anywhere between three to five years.If you’ve previously filed for a Chapter 7bankruptcy and now you want to file for a Chapter 13 bankruptcy, you’ll need to wait for a period of at least four years from the date on whichyour first bankruptcy was filed. However, if you’ve had a wage earner’s plan in place beforeand you want to have another one put in place, then you may only need to wait for two years.

If you file for either a Chapter 7 or a Chapter 13 bankruptcy in the pastand you’re considering filing for bankruptcy again, the best thing to do is consult witha lawyer at the Weller Legal Group in Tampa, FL. Contact us today to schedule an appointment to review your case.

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