Can I File for Bankruptcy Again?

Photo courtesy of creative.paradox

It doesn’t happen all the time, but sometimes you can end up in a situation where you have already filed for bankruptcy once and unfortunately, several years later, you find yourself needing to file again. Most people aren’t sure if this is even possible or allowed. They also wonder what the consequences of filing for a second (or even third) bankruptcy might be. The short answer is that you can file for bankruptcy more than once.

With that being said, our goal at Veitengruber Law is to help get you back on your feet after filing for bankruptcy that first time, so that the need for future bankruptcy pleadings is eradicated. If you have already filed for bankruptcy with our help, please rest assured that we will work with you even after you have received your discharge to counsel you back to financial health.

However, if you have, for whatever reason, found yourself in the situation of potentially filing for bankruptcy again, there are important dates and restrictions that you should know about in order to ensure that you file at an appropriate time. The Bankruptcy Code has specific waiting periods set into place to avoid processing a multitude of “repeat filers.”

After all, if unlimited bankruptcies were acceptable and free from serious consequences, everyone would be doing it.

The date that you filed for bankruptcy the first time is the starting date of your wait time. Eight years must pass before you will qualify for a second Chapter 7 or Chapter 13 bankruptcy discharge or reorganization of debts. You do not have to wait to apply, but you will not be eligible for a discharge until eight years have gone by.

If you need to file for a second bankruptcy to prevent foreclosure, you will still be eligible for the protection of a bankruptcy stay that a Chapter 13 filing offers. Additionally, if you filed for a chapter 13 bankruptcy and have managed to repay your unsecured debts by at least 70%, you can apply for a second discharge if you meet all of the other Bankruptcy Code requirements.

Finally, if you filed for bankruptcy previously, but were not granted a discharge, you may reapply at any time without a wait period. As always, come to us with any and all concerns without hesitation. No question is a dumb question! We are here to help.

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One Response to Can I File for Bankruptcy Again?

  1. Pingback: Sometimes Bankruptcy isn’t the Answer | Veitengruber Law

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