Bankruptcy provides the opportunity to eliminate or restructure their debts. It can be a lifeline for those facing overwhelming financial difficulties. But sometimes, those who filed for bankruptcy in the past find themselves facing challenges with debts again in the future.
So, how often can you file for bankruptcy?
Below are some different scenarios involving filing multiple bankruptcies and some brief information about waiting periods. If you are in a situation where you believe bankruptcy might be an option, never wait to consult with a bankruptcy attorney in the Phoenix area to understand your options and ensure you make the right decision for your financial future.
Chapter 7 bankruptcy, also known as liquidation bankruptcy, is the most common form of bankruptcy for individuals. It allows a debtor to discharge their unsecured debts, such as credit card debt and medical bills. However, filing for Chapter 7 bankruptcy comes with certain limitations. If you have received a Chapter 7 discharge within the past eight years, you cannot file for Chapter 7 again.
Chapter 13 bankruptcy, also known as reorganization bankruptcy, allows debtors with a regular income to create a repayment plan to pay off their debts over a period of three to five years. If you have previously filed for Chapter 13 and received a discharge, you can file for Chapter 7 bankruptcy, but there are time restrictions to consider. You must wait at least six years from the filing date of your previous Chapter 13 case before you can file for Chapter 7.
If you have previously filed for Chapter 7 bankruptcy and received a discharge, you can still file for Chapter 13 bankruptcy. However, you must wait at least four years from the filing date of your previous Chapter 7 case before you can file for Chapter 13. Keep in mind that following a Chapter 7 case with Chapter 13 might not always be the best option, so consult with a bankruptcy lawyer to evaluate your specific situation.
If you have previously filed for Chapter 13 bankruptcy and received a discharge, you can file for Chapter 13 again. However, similar to other bankruptcy scenarios, there are time restrictions to consider. You must wait at least two years from the filing date of your previous Chapter 13 case before you can file for Chapter 13 again.
Want a Fresh Start is a respected law firm in Phoenix that oversees the bankruptcy process for clients. Our experienced attorneys are well-versed in bankruptcy laws and filings. We understand the limitations and potential drawbacks of bankruptcy, and can weigh these with the benefits to determine the right path for you.
If you are considering filing for bankruptcy or have questions about the limitations surrounding multiple bankruptcy filings, we encourage you to call us at (602) 737-3930 or contact us online. Our knowledgeable bankruptcy attorneys are ready to assess your situation, explain your options, and guide you through the bankruptcy process.
