In many situations, bankruptcy can help an individual or couple to regain control of their finances and get them back on track for the rest of their lives. In other situations, however, previous bankruptcy filers may face new circumstances that cause them to fall behind on their debts again. Such unexpected circumstances may include sudden illness or injury, loss of a job, and more. If you are ever in this type of situation, you may wonder whether or not is is possible to file for bankruptcy again. Though it is possible to file multiple bankruptcies, there are certain time limits depending on the type of bankruptcy you previously filed and the type of bankruptcy you wish to file.
Previous Chapter 7 Discharge
If you have previously had debts discharged under Chapter 7¹ bankruptcy, you must wait at least eight years from the filing date of your first case to file for Chapter 7 again. If you now wish to file for Chapter 13 bankruptcy, you must wait at least four years from your first filing date in order to qualify for an eventual discharge under the new Chapter 13 case.
Previous Chapter 13 Discharge
If you have previously had debts discharged under Chapter 13² bankruptcy and wish to file for Chapter 13 again, you must wait at least two years to file the new case. If have a previous Chapter 13 discharge and now wish to file for Chapter 7, you must wait at least six years to file the new case. There are a couple exceptions to the six-year waiting period, however, such as you paid off your unsecured debts in full during your Chapter 13 case or that you made the best good faith effort possible and paid at least 70 percent of your debts.
Contact an experienced Long Island bankruptcy lawyer today
The time limits for subsequent bankruptcies can be complicated and confusing. If you are considering multiple bankruptcies, you should always consult with an experienced bankruptcy attorney in Long Island to discuss your eligibility. Call the law office of Ronald D. Weiss, PC at 631-319-9238 for a free consultation today.
References:
¹http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics/Chapter7.aspx
²http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics/Chapter13.aspx