How Long Do I Have to Wait Before Filing for Bankruptcy Again?

 Posted on January 17, 2025 in Qualifying For Bankruptcy

If at all possible, you should try to plan out your bankruptcy so that you will only need to file once. This means timing your bankruptcy strategically so that you will not go straight back into debt after filing. For example, if you are considering filing over the credit card debt you took on during a period of unemployment and you have not found a job yet, it may be better to wait until your financial situation has stabilized. After a successful bankruptcy, there is a waiting period before you can file again. The waiting period may be four, six, or eight years, depending on whether you filed under Chapter 7 or Chapter 13 last time and which chapter you will be filing under this time. People experiencing a second bankruptcy should be represented by an experienced Schertz, TX bankruptcy lawyer. Repeat filings can affect whether the automatic stay and other bankruptcy benefits help you.

How Long Do I Have to Wait Between Bankruptcies? 

The waiting period is shorter if one of your bankruptcies is under Chapter 13. Because people who file under Chapter 13 are restructuring their debts and repaying their creditors at least in part, that type of bankruptcy is allowed to be used more frequently. If your last bankruptcy was a Chapter 13 and you will file another Chapter 13, the waiting period is only 4 years. If your last bankruptcy was Chapter 13 and you want to file Chapter 7, you will need to wait six years.

If your last bankruptcy was a Chapter 7 and you want to file another Chapter 7, there is an eight-year waiting period. This long waiting period between liquidation bankruptcies is meant to prevent people from using Chapter 7 over and over without breaking the cycle that is leading to debt. Chapter 7 is often preferred by debtors because it discharges your debts immediately and does not require further repayment after liquidation is complete. However, Chapter 7 is meant to provide a fresh start, not to be used frequently.

If you previously filed a Chapter 7 bankruptcy and are considering Chapter 13, the waiting period is reduced back to four years. If you are in a difficult financial position and cannot wait the full eight years to file a Chapter 7, you may need to consider filing a Chapter 13 bankruptcy. You should discuss these options and bankruptcy alternatives with an experienced bankruptcy attorney before making a decision.

Contact a Schertz, TX Bankruptcy Attorney

Law Offices of Chance M. McGhee is experienced in helping people who will be filing a repeat bankruptcy. Dedicated San Antonio, TX bankruptcy lawyer Chance McGhee will fight to make sure you can enjoy the benefits of bankruptcy even if you must file more than once. Contact us at 210-342-3400 for a complimentary consultation.