Can I File for Bankruptcy Again?

People in Illinois have been filing for consumer bankruptcy for decades. While you might not want to consider the possibility that you will need to file for personal bankruptcy more than once in your life, it is important to know whether that is an option that remains available to you. Indeed, many consumers do have to turn to bankruptcy more than once over a lifetime. In some cases, a consumer might file for Chapter 13 bankruptcy and complete the terms of the repayment plan, only to learn that she or he cannot pay massive amounts of unexpected medical debt a few years later after a job layoff. Or, for instance, a consumer might file for Chapter 7 bankruptcy when he or she is relatively young, and that person might wonder about filing for bankruptcy again after retirement.

So, can you file for bankruptcy again? In short, the answer is yes, but the requirements for filing for consumer bankruptcy more than once depend upon the type of bankruptcy protection you are seeking and the amount of time that has passed between bankruptcy filings. We will give you more information that can help you determine whether it makes sense to get in touch with a bankruptcy attorney about filing for bankruptcy a second time.

When You can File for Consumer Bankruptcy a Second Time
Like we mentioned above, if you want to file for consumer bankruptcy after you have already received a bankruptcy discharge at some point in the past, the amount of time you will need to wait to be eligible for another type of bankruptcy discharge depends upon the type of consumer bankruptcy you are seeking under the U.S. Bankruptcy Code. The following are the amounts of time you would need to wait between different types of filings
  • You filed for Chapter 7 bankruptcy previously and want to file for Chapter 7 bankruptcy again: You must wait at least eight years between discharges for be eligible for another bankruptcy discharge;
  • You filed for Chapter 7 bankruptcy previously and want to file for Chapter 13 bankruptcy this time: You must wait four years before you are eligible;
  • You previously filed for Chapter 13 bankruptcy and want to file for Chapter 13 bankruptcy again: You must wait at least two years from the date you last filed for bankruptcy; or
  • You filed for Chapter 13 bankruptcy previously and you want to file for Chapter 7 bankruptcy this time: You must wait at least six years from the date you filed for Chapter 13 bankruptcy.
You should keep in mind that these timetables do not include cases where a person decided not to move forward with the bankruptcy case, and accordingly, bankruptcy cases in which there was no discharge. These timetables apply to completed bankruptcy cases in which the debtor received a discharge, and then later wants to apply for bankruptcy again. The same timetables are applicable in situations where a debtor needs to file for bankruptcy beyond a second time.

In addition, debtors should note that the timetables do not apply to situations in which a debtor needs to convert from a Chapter 13 to a Chapter 7 case.

Contact an Oak Park Bankruptcy Lawyer
If you need assistance filing for consumer bankruptcy, an experienced and compassionate Oak Park bankruptcy lawyer can help you. Contact the Emerson Law Firm today to learn more about how we can assist with your bankruptcy case.


See Related Blog Posts:

What Role Does Mortgage Debt Play in Consumer Debt?

Student Loan Debt and Consumer Bankruptcy: How a New Startup Plans to Help

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