If you want to file for bankruptcy more than once, that is possible. There are some limitations though, and filing for bankruptcy again might not always be your best option. This is why we suggest talking to a Montgomery County bankruptcy lawyer before you make any major decisions.

Can Someone File for Bankruptcy Multiple Times?

You can file for bankruptcy multiple times, but there are time limits that can prevent you from constantly taking advantage of this process. There are different limits depending on which type of bankruptcy you filed and which type you wish to file next.

Here’s what we mean. When you file for Chapter 7 bankruptcy and wipe out unsecured debts, you need to wait before filing and getting debts discharged again. The waiting periods are:

Chapter 7 to Chapter 7: Eight years
Chapter 7 to Chapter 13: Four years

Chapter 13 bankruptcy, which requires you to make a payment plan for your creditors, has similar limits. If you want to file multiple times, you have to wait:

Chapter 13 to Chapter 7: Six years
Chapter 13 to Chapter 13: Two years

Going from Chapter 13 to Chapter 7 bankruptcy is allowed before that six-year waiting period expires in one situation. You must complete your Chapter 13 payment plan before you file for Chapter 7 bankruptcy.

What is Chapter 20 Bankruptcy?

In some cases, a person can actually take advantage of both Chapter 7 and Chapter 13 bankruptcy. This is sometimes referred to as “Chapter 20” bankruptcy.

If your situation allows you to, you can file for Chapter 7 to clear your record of any unsecured debts that can be cleared through the bankruptcy process. This usually includes things like credit card debt and medical debt. Then you can file for Chapter 13 bankruptcy and make a payment plan that allows you to better manage the debt that cannot be discharged, like child support and student loans.

Getting the timing right on Chapter 20 bankruptcy can be tricky though. We recommend talking to a lawyer if you’re even considering this path.

Do I Need a Lawyer to File for Bankruptcy?

You are not required to hire an attorney when you file for bankruptcy, but we cannot recommend trying to do this on your own. This is a complex process that involves a lot of paperwork. Any mistakes can result in legal or financial headaches. If you want to make sure that this process goes smoothly, we recommend that you consult with an attorney. They can help you decide which type of bankruptcy works best for you or if there are other options that you have not considered that might be a better fit for your financial situation.

Contact Our Firm Today

If you are considering bankruptcy, contact Mudrick & Zucker. We can schedule a consultation and help you take a closer look at your financial situation. If we think that filing for bankruptcy is the right call, we’ll get right to work helping you with this process.