How many times can you file for bankruptcy? The answer varies from case to case. It also depends on the type of bankruptcy and how long has passed since your previous bankruptcy.
If you file for Chapter 7 bankruptcy, you must wait at least four years before filing a Chapter 13 bankruptcy.
Although you will not receive a discharge in Chapter 13, the process can still provide benefits. A Chapter 13 bankruptcy can help you catch up on missed payments on your vehicle loan or mortgage.
A Chapter 13 bankruptcy after a Chapter 7 discharge is often referred to as a “Chapter 20” bankruptcy.
The time period between Chapter 13 and Chapter 7 bankruptcy is different. For instance, if you’ve already filed a Chapter 13 bankruptcy, you’ll need to wait six years to file a Chapter 7 bankruptcy.
Due to the complicated laws regarding the period of time between bankruptcy filings, it is therefore important to consult a bankruptcy attorney before filing for a Chapter 13 or Chapter 7 bankruptcy.
After a discharge on Chapter 7, you must wait for at least six years to be able to file Chapter 7 again.
In a Chapter 13 case, you must wait two years before filing for Chapter 7 bankruptcy.
Keep this particular point in mind. If you file for bankruptcy a second time, you will have fewer options for obtaining a discharge.
You’ll still owe money after the bankruptcy is complete. However, filing for bankruptcy a third time will prevent you from having a discharge of debt.
If you are considering filing for bankruptcy again, make sure that you gather as much information as possible on your previous bankruptcies.
If you have filed before, create a file with the dates, debt, and any other pertinent information.
Consider what you’d like to accomplish by filing for bankruptcy. Are you looking to eliminate debt, save your home, or stop creditors from calling you? Once you have all the information you need, you can make the decision.
If you have medical bills or other unmanageable debts, you may be eligible for an offer in compromise. For instance, unexpected medical bills can force you to file for bankruptcy.
However, if you owe taxes to the IRS, you might be eligible for an offer in compromise. The IRS is usually willing to work out a monthly payment plan.
Some factors that can cause the discharge to be denied are hiding assets or perjury. However, the bankruptcy court’s decision will ultimately determine whether your debts are dischargeable or not.
If you have a second mortgage or another lien on your vehicle, you can file for Chapter 13 and restructure your debts. However, you must wait at least four years between filings if you intend to file a Chapter 7 bankruptcy.
Disclaimer: The information provided in this article is for educational and informational purposes only and should not be construed as financial, legal, or professional advice. While efforts are made to ensure accuracy, the content may not reflect the most current legal or financial developments. No representations or warranties are made about the completeness, reliability, or accuracy of this information. Results may vary. Using any information provided is solely at your own risk. Consult with a financial advisor or attorney for specific advice tailored to your situation.
