Can You File For Bankruptcy More Than Once?
by Jo Rodriquez
You have likely heard of people filing for bankruptcy multiple time, but if you have already filed several time you may be wondering if you can file again. In fact, the number times you have filed bankruptcy in the past is irrelevant. The bankruptcy rules are more concerned with the length of time since your last filing (or the final disposition) than with the number of time you have filed. To learn more about the timing of various types of bankruptcy filings, read on.
Last Type of Bankruptcy Filed
There are two main types of consumer bankruptcy: chapter 7 and chapter 13. The type you used the last time you filed will determine when you are able to file again.
Chapter 7: You will need to wait at least 8 years from your most recent chapter 7 discharge date before you can file another chapter 7 bankruptcy. If you wish to now file a chapter 13 after your last chapter 7 bankruptcy, you can do so in just 4 years.
Chapter 13: You will need to wait at least 2 years from your most recent chapter 13 discharge date to file another chapter 13 bankruptcy reorganization plan. If you want to file a chapter 7 bankruptcy case after last filing a chapter 13, you can do so in 6 years from the discharge date of the chapter 13. There are, however, two situations that could result in an earlier allowed filing.
1. Your chapter 13 debt reorganization plan has resulted in the satisfaction of all unsecured debt that was included on that plan.
2. Your chapter 13 debt reorganization plan has resulted in the satisfaction of at least 70% of all debt included on the plan and you have shown a satisfactory plan adherence up to now.
Chapter 20: If you are not familiar with this type of bankruptcy, it's understandable since it is actually a non-official type of filing. A so-called chapter 20 calls for the filing of a chapter 13 bankruptcy after getting a chapter 7 discharge. Technically, you cannot file for a chapter 13 so soon after a chapter 7, but you can get some debt relief when it comes to certain types of tax debts by this special filing. If you have tax debts, speak to your bankruptcy attorney about this type of filing.
To learn more about these filing frequencies, discuss your situation with your bankruptcy attorney.
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