Is it Possible to File for Bankruptcy More Than Once?

Though bankruptcy is something which is not a simply decision, many file for it hoping to have their debts discharged. There are those who ask if it is possible to file for more than one bankruptcy and the answer is yes.

The bankruptcy law does not state anything with regards to filing more than one bankruptcy case. The only time there is a restriction is when you received a discharge from your previous bankruptcy case. This is because you are expected to have learned to manage your finances properly and in order for debtors to not rely too much on the use of bankruptcy to go into debt purposely.

* Chapter 7 to Chapter 7 Bankruptcy

From the beginning of your bankruptcy filing to the next one, you need to wait eight years. This is in the instance you received a bankruptcy discharge the last time you filed for Chapter 7. Which means you can’t file for bankruptcy if you just recently received a bankruptcy discharge.

* Chapter 13 to Chapter 13 Bankruptcy

If you finished paying your debts and the bankruptcy has been discharged, you will have to wait for two years after the first case was filed. Since the Chapter 13 bankruptcy takes around three to five years before the discharge, you can file for another one while you are still on the process on the first case.

* Chapter 7 to Chapter 13 Bankruptcy

It is possible to file for a different type of bankruptcy after the first one but you still have to wait for four years to file for Chapter 13 after Chapter 7. But keep in mind that filing a Chapter 13 bankruptcy after receiving a Chapter 7 discharge can still help you pay off priority debts or get caught up on missed mortgage or car loan payments even if you are not entitled to a discharge.

* Chapter 13 to Chapter 7 Bankruptcy

If you received a discharge from your previous bankruptcy case which was a Chapter 13 bankruptcy, you will have to wait for six years before filing for a Chapter 7 bankruptcy. However, there are exceptions to this rule. The six-year rule does not apply if, in the previous Chapter 13, you paid back:

* all of your unsecured debts, or

* at least 70% of your unsecured debts and your plan was proposed in good faith and your best effort.


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