If I Still Have 3 Months From the I Fill Chapter 7 Can I File Again
In a Nutshell
Yous tin file more than one bankruptcy in a lifetime. How many times depends on how long information technology's been since your last defalcation case and what blazon of defalcation you filed. Nosotros'll break it down for you.
Have you filed bankruptcy in the past simply are faced with a financial state of affairs that you can't resolve despite your all-time efforts? If you lot're facing a possible wage garnishment due to unexpected medical bills, unpaid tax debts, or whatever other type of debt you lot're no longer able to pay, you can ask the court for bankruptcy protection a 2d fourth dimension.
Know that you're not alone. A 2006 paper on a found that viii% of defalcation filers terminate up filing bankruptcy once more. [ one ] The 2005 changes to the Bankruptcy Code, intended to reduce overall filings, have non had much of an impact on this number. [ 2 ]
In this article, we'll look at only how many times someone can file defalcation depending on the type of bankruptcy and the amount of time that has passed since the offset case. We'll besides accept a look at what other debt-relief options are available if filing bankruptcy is not an option and whether a bankruptcy chaser tin can help you file a second bankruptcy sooner.
Bankruptcy is a legal fashion for individuals who can no longer afford to pay their debts to get permanent debt relief through a bankruptcy discharge. The Bankruptcy Code provides for three types of consumer bankruptcies known every bit Chapter 7 bankruptcy, Chapter xi defalcation, and Chapter xiii bankruptcy.
Dissimilar Types of Defalcation Explained
A Chapter 7 bankruptcy eliminates well-nigh debt, including credit menu debt, without requiring repayment of whatsoever kind. Instead of a repayment plan, the Chapter vii bankruptcy process liquidates your non-exempt assets to partially repay your debts. A Chapter thirteen bankruptcy allows you to continue all of your property as long every bit the monthly repayment plan pays for the value of your avails. The debts that don't get paid equally part of the repayment programme are discharged once the program has been completed. The belch of your debts gives you the fresh start you need.
The Chapter xi bankruptcy process provides similar relief to that provided in Affiliate seven and Chapter 13, simply is generally reserved for filers with businesses or significant assets and is a lot more expensive than even a Chapter xiii bankruptcy. This article will focus specifically on Chapter 7 and Chapter thirteen defalcation.
How it works
There is no limit to how many times someone can seek bankruptcy protection. To prevent an abuse of the bankruptcy process, the Bankruptcy Code requires a sure corporeality of time to pass between cases that result in a belch. This prevents people from running upwardly high credit card balances and other types of debt and filing bankruptcy every few years.
What are the Time Limits
The blazon of defalcation filed in the previous case determines the time limit between cases. The time starts to run on the date the prior case is filed with the bankruptcy courtroom. The date the discharge was entered doesn't matter.
Chapter vii bankruptcy ➡️ Affiliate vii bankruptcy: 8 years
This is the longest corporeality of time between cases required by the Bankruptcy Code. Chapter 7 provides the quickest class of debt relief through a defalcation filing and doesn't require the filer to complete a repayment plan before getting their bankruptcy discharge.
Chapter 7 bankruptcy ➡️ Chapter 13 bankruptcy: four years
Information technology is possible to file Chapter 13 bankruptcy soon after receiving a Affiliate 7 discharge, the filer merely won't exist eligible to receive a Chapter thirteen discharge in the second case. So, someone who successfully discharges their unsecured debts through Chapter 7 tin file a Chapter 13 bankruptcy to pay off tax debts or other types of debt that survived the prior case.
Chapter thirteen bankruptcy ➡️ Affiliate 7 bankruptcy: half dozen years
This waiting menstruation tin be waived if you paid back 100% to your unsecured creditors in your Chapter 13 programme (or in some cases where you paid back seventy% of your total debts) and the original case was plant to be in good faith. Plus, since a Chapter 13 repayment plan can take up to 5 years to complete before resulting in a discharge, it's possible to file Chapter 7 defalcation most 1 twelvemonth subsequently receiving a Chapter 13 belch.
Chapter 13 bankruptcy ➡️ Chapter thirteen bankruptcy: 2 years
If you previously filed a Chapter 13 case and received a discharge and are looking to file a Chapter xiii instance over again, y'all have to await at least 2 years from the filing date of the first case before filing the second case. This is pretty rare. The minimum length of a Affiliate 13 repayment plan is 3 years. Receiving a belch before completing a three twelvemonth programme is possible merely if an unexpected hardship makes completing the plan impossible.
Repeat Chapter 13 bankruptcy filings are sometimes used to keep the payments on the filer'due south student loans or revenue enhancement debts manageable. Since these types of debts tin't exist discharged, the fourth dimension limit betwixt cases is less important.
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Tin can a bankruptcy attorney aid me file bankruptcy sooner?
A bankruptcy attorney can't assist you get effectually the fourth dimension limits, simply they may be able to assist you lot file a different type of bankruptcy than the one you filed before and confirm the earliest appointment your second case can be filed. This is especially true if you filed a Chapter 7 bankruptcy only didn't get a discharge. Only a bankruptcy lawyer can give you legal advice about how shortly your second bankruptcy can be filed. They tin can also assistance you lot become a court guild to make sure your automatic stay doesn't expire earlier your belch is entered.
Do I have other debt-relief options?
If y'all are in between bankruptcy filings and unable to file another bankruptcy, y'all may have to consider other debt-relief options similar debt consolidation or debt settlement. These alternatives tin be tricky to navigate, so start by getting a free evaluation of your financial situation through credit counseling. Also, remember that well-nigh constabulary firms handling bankruptcy matters offer free consultations.
Let'due south Summarize...
In curt, yous can file more than i bankruptcy in a lifetime. How many times depends on how long information technology's been since your terminal bankruptcy case. If you previously filed a Chapter 7 bankruptcy and want to file Chapter 7 once more, the fourth dimension period is eight years from when you last filed. If you lot filed Chapter 7 and desire to file a Affiliate thirteen, the time menses is iv years from when you lot filed Affiliate seven. If yous filed a Affiliate thirteen and want to file another Chapter 13, the time period is two years from when you last filed. And, if y'all filed a Chapter xiii and want to file a Affiliate 7 the time period is six years from when y'all filed.
If yous're eligible to file Chapter 7 defalcation, simply tin't afford to hire a defalcation attorney, Upsolve'southward gratuitous tool tin can help you prepare your bankruptcy forms and complete the bankruptcy process on your own.
Sources:
- American Bankruptcy Plant. ( 2006 ). Bankruptcy Repeat Filings. Police force Review, 14(1), 169-200 .
- Miller, Michelle M. & Miller, L. ( 2008, June ). Echo Filers Under the BAPCPA: A Legal and Economic Analysis. Norton Almanac Survey of Bankruptcy Constabulary, p. 509, 2008 . Retrieved Baronial iv, 2020, from https://ssrn.com/abstract=1983377
Source: https://upsolve.org/learn/how-often-can-you-file-bankruptcy/
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