People file bankruptcy to try and stabilize their financial situation and get back on track with financial freedom. Money problems don’t disappear after bankruptcy is over.
It is possible that you will fall back into debt again after undergoing a bankruptcy filing.
You may be wondering if or when you can file bankruptcy again. Is it possible to file bankruptcy twice?
You can file Chapter 7 bankruptcy multiple times. Even if you lose your last bankruptcy petition, you can likely file again once you have built a strong case.
Filing Chapter 7 Again After a Chapter 7 Discharge
After you have completed the Chapter 7 bankruptcy procedure and received a discharge of your debts, you will need to wait eight years after your “petition date” or filing date before you can file again. Although you can file anytime, you will not be eligible to receive another discharge unless the eight-year waiting period has expired.
These time limits will be explained by your bankruptcy attorney and you will be notified when you can get a second discharge.
Filing Chapter 13 After A Chapter 7 Discharge
A Chapter 13 bankruptcy may be the best option depending on your financial situation. You should wait at least four years after you file Chapter 7 bankruptcy to file for Chapter 13 protection.
You can file Chapter 13 bankruptcy after the four-year period is up, but you will lose most of your discharge benefits. Some types of debt can’t be wiped out.
Summarized from an article by Law Offices of Steers & Associates.
