You may be wondering how soon you can file for bankruptcy if you have already filed for bankruptcy in the past. It is possible to file for bankruptcy more than once. However, the second one might not be as helpful as the first one. It also depends on the period elapsed from your last filing bankruptcy, whether it was discharged, and it depends on the type of bankruptcy you filed. In most cases, filing too soon may be a waste of time, energy, and money, so it is crucial to know how to time your bankruptcy filing.
In Consecutive Chapter 7 Cases
- To file under Chapter 7 (discharge) in your second time, you will have to wait eight years from the first filing.
In Consecutive Chapter 13 Cases
If your Chapter 13 (repayment plan) case has received a discharge of debts, you will have to wait two years to file for the same chapter. However, in this case, the court may waive the period if you have fully paid all of your unsecured debts during your Chapter 13, or if you paid just a minimum of 70% of the claims from the past Chapter 13 and the repayment plan was scheduled and fulfilled in good faith.
In case you want to file a second bankruptcy case, but under a different chapter than the previous one, the order matters, so here are the right time frames:
Chapter 13 Before Chapter 7
- In this situation, if you want to file a Chapter 7 bankruptcy, you will need to wait six years from the Chapter 13 bankruptcy filing date.
Chapter 7 Before Chapter 13
- If you want to file under Chapter 13, you will need to wait four years from the Chapter 7 filing date.
As you know, the bankruptcy filing process is lengthy and complicated. You need to take into consideration many requirements and timelines. Besides, no matter how many times you file, it is in your best interest to seek a qualified and experienced Hidalgo County bankruptcy lawyer to guide you through the process. They will ensure you file correctly and provide the adequate amount of time has passed before submitting again and explaining all available options to you.