How long after bankruptcy can you file again?

Introduction

Filing for bankruptcy can be a difficult and overwhelming process, but it provides individuals and businesses with a fresh start financially. However, it is crucial to understand the rules and regulations surrounding bankruptcy, including how long you must wait before filing again. In this article, we will explore the timeframe for filing bankruptcy again after a previous filing.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is a common form of bankruptcy that allows individuals to discharge their debts and start anew. If you have previously filed for Chapter 7 bankruptcy, there are specific rules regarding when you can file again.

In general, you must wait eight years from the date of your previous Chapter 7 bankruptcy discharge before filing for Chapter 7 bankruptcy again. This waiting period ensures that individuals do not abuse the bankruptcy system and allows for a reasonable amount of time to pass before seeking another discharge of debts.

However, there are exceptions to this eight-year waiting period. If you have previously filed for Chapter 7 bankruptcy and want to file again before the eight-year mark, you may be eligible if you can prove that you have experienced a significant change in circumstances since your previous filing. This could include a job loss, a decrease in income, or a medical emergency that has affected your financial situation.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is another common form of bankruptcy that involves creating a repayment plan to pay off your debts over a period of three to five years. If you have previously filed for Chapter 13 bankruptcy, the waiting period before you can file again differs from Chapter 7 bankruptcy.

If you have received a discharge in a previous Chapter 13 bankruptcy, you must wait two years before filing for Chapter 13 bankruptcy again. However, if you have not received a discharge in your previous Chapter 13 bankruptcy, you may be able to file again sooner.

If you have not received a discharge in a previous Chapter 13 bankruptcy, you can file for Chapter 13 bankruptcy again after a waiting period of only two years. This allows individuals who were unable to complete their repayment plan the first time to have another opportunity to address their debts.

Conclusion

In conclusion, the timeframe for filing bankruptcy again depends on the type of bankruptcy you previously filed. If you filed for Chapter 7 bankruptcy, you must generally wait eight years before filing again. However, if you can demonstrate a significant change in circumstances, you may be able to file sooner. For Chapter 13 bankruptcy, the waiting period is two years if you received a discharge in your previous filing, and no discharge was received, you can file again after two years. It is essential to consult with a bankruptcy attorney to understand the specific rules and regulations that apply to your situation.

References

– United States Courts: Bankruptcy Basics – www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics
– Legal Information Institute: Chapter 7 – www.law.cornell.edu/wex/chapter_7
– Legal Information Institute: Chapter 13 – www.law.cornell.edu/wex/chapter_13