Debt comes in many forms. You may have built up a lot of credit card debt when you were younger. Maybe you took on student loans. Or, you could have suffered from an injury that caused massive amounts of medical debt, which could not be paid off because your injury left you unemployed.
Bankruptcy could have been your only remedy to your outstanding debt obligations. However, life is unexpected and you may have overwhelming debt again. So, you likely want to apply for bankruptcy again. But, can you?
Simply put, yes. You can file for bankruptcy many times during your life. However, there is a waiting period between successful bankruptcy discharges. Here is what you should know:
How long do I need to wait?
Whether you filed for Chapter 7 bankruptcy and had most of your debt obligations relieved or you reorganized your debts through Chapter 13 bankruptcy, you will need to wait several years before filing again. Here is how long you will need to wait:
- After a Chapter 7 discharge, you can file for Chapter 7 bankruptcy after 8 years
- After a Chapter 13 discharge, you can file for Chapter 7 bankruptcy after 6 years
- After a Chapter 7 discharge, you can file for Chapter 13 bankruptcy after 4 years
- After a Chapter 13 discharge, you can file for Chapter 13 bankruptcy after 2 years
Filing for bankruptcy again and receiving a successful discharge will restart the waiting period. Your credit score will also be impacted similarly to when you first filed for bankruptcy.
Before filing for bankruptcy, you need to learn about your legal options. Getting legal guidance during the bankruptcy application process can help ensure you are making the right decision.
