If you want to file for bankruptcy even though you have already filed before, you may be wondering if this option is even still available to you. This is an option because there is not actually a limit on how many times you can go through bankruptcy. However, there are important rules to be aware of and waiting periods that need to be considered. A Montgomery County bankruptcy lawyer can tell you if filing for bankruptcy is an option for you right now or if you should think about exercising a different option.

Do I Have to Wait to File For Bankruptcy Again?

Yes, there is almost always a waiting period between bankruptcy filings. Usually, you will have to wait at least two years before filing again and some waiting periods can be even longer. There are some exceptions though, along with other rules that you should be aware of if you have already filed for bankruptcy before.

Does it Matter Which Chapter I Choose When I File For Bankruptcy?

Yes, the chapter of bankruptcy you plan to file and the chapter you previously filed can both make a big difference. In most cases, after filing for Chapter 7 bankruptcy, you’re going to be looking at a waiting period of:

  • Eight years to file Chapter 7 again
  • Four years to file Chapter 13

If you file Chapter 13 bankruptcy, you’ll have to wait:

  • Six years to file for Chapter 7 bankruptcy
  • Two years to file for Chapter 13 again

There are sometimes exceptions to these rules though. When you file for Chapter 13 bankruptcy, when you complete the obligations of your repayment plan can matter. There are also some situations where you can file Chapter 7 and Chapter 13 bankruptcy back-to-back, despite the normal waiting period requirement.

Can You File For Two Different Types of Bankruptcy in Short Succession?

This kind of filing is sometimes referred to as a “Chapter 20” bankruptcy. When you file and choose Chapter 7, you can get many debts discharged. However, any debts that cannot be discharged could still be weighing on your financially. Things like student loans or back child support cannot be addressed this way, so what do you do?

You may be able to file for Chapter 13 bankruptcy, which would allow you to make a payment plan that would buy you time to pay off these remaining debts. It’s important to note that filing back-to-back bankruptcies is not always allowed though, so you should talk to a lawyer if this is your plan.

Contact Our Law Firm

You don’t have to go through the bankruptcy process on your own. Contact Mudrick & Zucker to schedule a consultation and learn more about how our attorneys can help you file and manage all of the necessary paperwork. If we think that this is a good way for you to get back on track financially, we can advise you on the next steps.