In your entire life, you can more than once drown in immense debt. Though you might have filed for bankruptcy once does not mean you cannot file another one. You can rebuild your credit but sometimes filing for another bankruptcy might just help the situation. There is no limit to filing for bankruptcy but if you had a debt discharged in the first one then there is a waiting period between the two based on when you filed the previous one.
Before filing again, you will first have to answer these questions –
- Did your previous bankruptcy end in a discharge?
- What was the filing date for that bankruptcy?
- Did you file Chapter 7 or Chapter 13, and which do you want to file now?
To know the waiting period between 2 cases let’s go through some scenarios together where the previous bankruptcy ended with a discharge.
Filing a chapter 7 bankruptcy case after a chapter 7 discharge: – 8 years.
If your previous chapter 7 bankruptcy case ended with a discharge of debt, you must wait at least eight years from the date of filing the first one before you can file another one. Filing for chapter 7 is the quickest way to get debt relief but eight year to refile is the longest waiting period between cases.
Filing a chapter 13 after a chapter 13 discharge: – 2 years.
If you had a chapter 13 bankruptcy discharge but you are looking to file again then you have to wait for at least 2 years from the filing date of the previous chapter 13 bankruptcy.
Though it has the shortest waiting period but it is a very rare occurrence as a chapter 13 case typically takes 3-5 years to repay. A chapter 13 might get a discharge early due to additional extreme hardship.
Filing Chapter 7 after a Chapter 13 discharge: 6 years
After a chapter 13 discharge, you have to wait at least 6 years from the previous filing date to file again with chapter 7.
The six year waiting period might get waived off if you made your plan in good faith that is by paying back your unsecured debts in full in the original plan or at least 70%.
Filing Chapter 13 after a Chapter 7 discharge: 4 years
Before filing for a chapter 13 bankruptcy case after a chapter 7 discharge, the standard waiting period is for 4 years.
The avoid waiting period is and file for chapter 13 immediately with the caveat that your new Chapter 13 cannot be discharged. You might do this to repay the debts that were not discharged in chapter 7 case. When you file for a chapter 13 immediately after chapter 7 to repay your non-dischargeable debt it sometimes might get called a “chapter 20.”
What if my previous case wasn’t discharged?
The court might not give you a discharge if you ignored court orders, failed to attend the court and hide some vital information from the court, etc.
You can file for bankruptcy after 180 days wait period if you did not get a discharge.
To not to repeat the same mistakes, hire a bankruptcy attorney so that you can take full advantage of the bankruptcy case.
If you want good legal counsel and if you live near Los Angeles & Dallas, TX, reach the Recovery Law Group – (888-297-6203) or visit https://recoverylawgroup.com/bankruptcy/.