What Are the Laws for Filing Multiple Bankruptcies?

 Posted on October 17, 2019 in Bankruptcy Law

Most Americans have some sort of debt, with one of the most common forms of debt being credit card debt. Most of the time, debt is manageable if you are able to budget your money, but sometimes life happens and debt can become overwhelming. In cases such as those, bankruptcy is often your best option. Filing for bankruptcy can allow you to manage your debt in affordable payments or even discharge your debt, allowing you to wipe your slate clean.

Unfortunately, sometimes your first bankruptcy is not your last bankruptcy. If you find yourself drowning in unmanageable debt again, you may wonder if it is possible to file for bankruptcy again. Technically, the answer is yes, but there are a few stipulations you should know about.

Filing for Bankruptcy More Than Once

You can file for bankruptcy as many times as you want to file. There are no rules about how many times you can file for bankruptcy, but there are rules as to how often you can receive a discharge of your debs. The time between discharges is based on the type of bankruptcy you filed before, whether or not you received a discharge in that bankruptcy and the type of bankruptcy you are trying to file. The waiting periods between bankruptcy discharges are as follows:

• Chapter 7 to Chapter 7: You can receive a discharge after eight years.
• Chapter 7 to Chapter 13: You can receive a discharge after four years.
• Chapter 13 to Chapter 13: You can receive a discharge after two years.
• Chapter 13 to Chapter 7: You can receive a discharge after six years.

It is worth it to note that if you previously filed for a Chapter 13 bankruptcy and are currently trying to file for a Chapter 7 bankruptcy, you may be able to obtain a discharge sooner if you paid back your debtors in full or you paid at least 70 percent of your debt back and your new bankruptcy filing is in good faith.

Do You Have Questions About Bankruptcy? A San Antonio, TX Bankruptcy Attorney Can Help

Nobody files for bankruptcy with the intention of filing for bankruptcy more than once in their lifetime, but sometimes life happens and you have no other choice. If you have previously filed for bankruptcy and you think you might want to file again, you should talk with a knowledgeable New Braunfels, TX bankruptcy lawyer. At the Law Offices of Chance M. McGhee, we understand that sometimes the only option for debt relief is a bankruptcy, even if you have filed for bankruptcy before. Let us help you determine if filing for bankruptcy is your best option. Call our office today at 210-342-3400 to schedule a free consultation.

Sources:

https://upsolve.org/learn/how-often-can-you-file-bankruptcy/

https://www.thebalance.com/if-i-filed-bankruptcy-before-how-soon-can-i-file-again-316173