You may have filed for Chapter 7 or Chapter 13 bankruptcy in the past. Bankruptcy may have helped you manage your overwhelming medical debts, credit card debt or personal loans. It is very easy, however, to regain debt. You may have another financial obligation after a sudden injury or emergency. Now, you may be considering filing for bankruptcy again.
There is no limit to the number of times you can file for bankruptcy during your lifetime. However, there are certain restrictions to prevent people from abusing bankruptcy. If a debtor has filed for bankruptcy in the past, they may need to wait several months or years before they can file again.
How long do you have to wait to file for a second bankruptcy?
How long you have to wait to file for bankruptcy again depends on a few factors. First, did your bankruptcy filing get dismissed? If your case did get dismissed, you typically can file a new bankruptcy immediately. But, in some cases, a judge may impose a waiting period before you can try filing again.
If you received a previous bankruptcy discharge, you may need to wait several years before you can file again. If you are planning on filing for a Chapter 7 bankruptcy, you may need to wait eight years if you previously filed for Chapter 7 bankruptcy or six years after a Chapter 13 bankruptcy. If you intend to file for a Chapter 13 bankruptcy, the waiting period is four years after a Chapter 7 bankruptcy or two years after a Chapter 13 bankruptcy. The deadline to file for bankruptcy again begins on the date of the previous filing.
Know that you can always reach out for legal guidance to learn more about your bankruptcy options, either way.
