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If there is a proper time between two filings, a person can file for bankruptcy twice. They also need to see if the first case was discharged. A normal waiting period of 2 years is applied but it gets longer depending on the type of bankruptcy you filed first and the one you are planning to file now. The waiting period to file for a second time is affected by factors such as the result of the first bankruptcy (whether it was discharged or dismissed), the type of bankruptcy that was filed the first time, the type of bankruptcy you plan to file now, the time that has passed since the first discharge. There are no legal limitations as to how many times a person can file. There is just a limitation on when.

If a person files twice, is it Bad?

It is not advisable to file for bankruptcy more than once. However, if a person gets into a serious debt problem that bankruptcy was needed once and repeats those mistakes, then definitely they need to file a second time. Under certain situations when dealing with a bad financial situation, bankruptcy is the best available option. You need to consult your attorney or financial advisor before you go forward with bankruptcy. You can also contact Recovery Law Group from Los Angeles & Dallas, TX for the same. Contact – (888-297-6203).

You need to know the consequences if you consider filing for bankruptcy for a second time.

Types in a bankruptcy filing

The two major types that people file for a chapter 7 and chapter 13. Chapter 7 is a liquidation process while chapter 13 is a repayment process.

Before you know about these chapters, let’s know the difference between secured and unsecured debts. Debts that are protected by collateral are secure debts such as home loans or car loans. Debts that are not backed by collateral such as credit cards or student loans are unsecured.

In Chapter 7, the debtor pays off the creditor by selling some of its assets. Some assets can be protected from being sold by filing for an exemption. Unsecured debt can be completely discharged.

In chapter 13, the debtor works with the court and plants a repayment plan to settle their debts. A normal payment plan lasts for 3-5 years.

A discharge is given only at the end of a successful bankruptcy case. Once a discharge is given, the debtor does not need to pay discharged debts.

If the debtor does not file properly through the process, the court dismisses your case with no result, which means that the protection that you had are now gone.

Can you file again if not discharged?

When filed for the first time, if your bankruptcy did not successfully discharge, you can immediately file back again. Remember to hire an attorney who will guide you through the entire process.

What happens when you file chapter 7 or 13 again after chapter 7?

A waiting period of 8 years is applied after the first discharge for chapter 7, and 6 years for chapter 13.

What happens when you file chapter 13 again after chapter 13?

The waiting period to file again is 2 years.

Bankruptcy can bring you out of debt, it has a negative impact on your credit score and takes a toll on you financially and mentally. Instead of filing bankruptcy again, you can go for a debt settlement or a debt consolidation for which an attorney will be able to help you through the process.