Can I File for Bankruptcy More Than Once?
When facing insurmountable debt, bankruptcy can be a necessary step. Bankruptcy can help alleviate the burden of overwhelming debt once and for all and allow for a fresh financial start. However, for some debtors, bankruptcy does not alleviate the burden of overwhelming debt once and for all. Some debtors who file for bankruptcy begin wondering, after some time, if they can file again. So, can you file for bankruptcy more than once? Simply put, yes, you can. However, there are specific rules, timelines, and considerations to keep in mind. Read on to learn more.
How Many Bankruptcy Cases Can You File?
Federal law does not limit the number of times you can file for bankruptcy. You are allowed to file for bankruptcy as many times as you wish. There is also no minimum period you must wait before filing again. However, there is a limit to how often a bankruptcy discharge can be granted. You could file for bankruptcy immediately after getting a bankruptcy discharge, but the court will not grant another discharge until a certain period has passed. The length of time you must wait before you can receive another discharge after an initial bankruptcy discharge depends on the type of bankruptcy you filed and the type you want to file.
Refiling Bankruptcy if You Had a Successful Bankruptcy Filing
If you had a prior successful bankruptcy filing, or in other words, if you filed for bankruptcy before and got a discharge, you need to wait for a certain period before you can qualify for another discharge. How long you must wait depends on which bankruptcy you filed and which one you want to file.
If you filed a successful Chapter 7 bankruptcy, you have to wait eight years to qualify for another discharge under the same Chapter. If you want to file a Chapter 13 bankruptcy, you will have to wait four years. If your previous bankruptcy case was Chapter 13 and you are considering filing a Chapter 7 bankruptcy, you must wait at least six years to be eligible for another bankruptcy discharge. You must wait two years to be eligible for a Chapter 13 bankruptcy discharge.
It is crucial to understand how to calculate when you will be eligible for another discharge. In other words, from which date should you begin counting? To determine when you will qualify for another discharge, start counting from the filing date of your prior bankruptcy case. For example, if you filed a successful Chapter 7 bankruptcy on July 1, 2017, you will qualify for another Chapter 7 discharge if you file your case on or after July 1, 2025. If you filed a Chapter 13 bankruptcy on December 1, 2023, you will be eligible for another Chapter 13 discharge on or after December 1, 2025.
An exception applies if your first bankruptcy case was Chapter 13. If you paid off all unsecured debts or at least 70% of unsecured claims, proposed a plan in good faith, and did your best to pay creditors, you will not have to wait six years before filing for Chapter 7. A local bankruptcy lawyer can offer more information.
Contact Our Deerfield Beach Bankruptcy Lawyer
For a consultation about filing multiple bankruptcy cases, contact our Deerfield Beach bankruptcy lawyer at the Law Office of Adam I. Skolnik, P.A., at 561-265-1120.
