How Soon Can I File for Bankruptcy Again?

While many consumers who file for Chapter 7 bankruptcy or Chapter 13 bankruptcy in Oak Park are first-time bankruptcy filers, some consumers who are filing for bankruptcy are doing so after a previous bankruptcy case. If you have filed for bankruptcy in the past, how soon can you file for bankruptcy again? Does the waiting period change if you do not receive a bankruptcy discharge the first time around? Our experienced Oak Park bankruptcy attorneys are here to provide you with information about filing for bankruptcy more than once.

Waiting Periods Apply to Previous Bankruptcy Discharges

The first thing to know is that waiting periods between bankruptcy cases under the U.S. Bankruptcy Code apply to bankruptcy discharges as opposed to bankruptcy filings. In other words, if you previously filed for bankruptcy but did not receive a discharge, you are not bound by a waiting period under bankruptcy law. However, if you did receive a previous bankruptcy discharge, then you need to learn more about waiting periods for different types of personal bankruptcy cases.

Filing for Chapter 7 Bankruptcy a Second Time

If you previously received a discharge in a Chapter 7 bankruptcy case and you want to file for Chapter 7 bankruptcy again, you will need to wait eight years from the date of your previous filing before you can file for Chapter 7 Bankruptcy again.

Filing for Chapter 13 Bankruptcy a Second Time

If you previously filed for Chapter 13 bankruptcy and you want to file for Chapter 13 bankruptcy again to receive another discharge, you will have a two-year waiting period.

Filing for a Different Bankruptcy Chapter After a Previous Bankruptcy Case

In some bankruptcy cases, a debtor will file for Chapter 7 bankruptcy and receive a discharge, and will later want to file for Chapter 13 bankruptcy. In other cases, a debtor might have filed for Chapter 13 bankruptcy and received a discharge, and now that debtor wants to file for Chapter 7 bankruptcy. How do the waiting periods shift in these cases?

For people who received bankruptcy discharges in a Chapter 13 case, the waiting period is typically six years to file for Chapter 7 bankruptcy. For people who received bankruptcy discharges in Chapter 7 cases and later want to file for Chapter 13 bankruptcy, the waiting period is four years.

Benefits to Filing for Bankruptcy Without a Discharge

While most debtors who file for bankruptcy do so with the aim of receiving a bankruptcy discharge, there may be situations in which a discharge is not necessary. In such scenarios, the waiting period might not be of utmost importance. However, it is important for debtors to keep in mind that filing for bankruptcy multiple times can be considered abusive and can have consequences. For example, the debtor may become ineligible for the protections of the automatic stay, or the debtor may be ineligible for a discharge.

Contact Our Oak Park Bankruptcy Lawyers

If you are considering the possibility of filing for bankruptcy a second time, an experienced Oak Park bankruptcy attorney at our firm can assist you. Contact the Emerson Law Firm today to learn more.



See Related Blog Posts:

How COVID Has Changed Consumer Bankruptcy

Will My Debt Relief Be Taxed?

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