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Due to precautions related to COVID-19, we have expanded our options for remote consultations. Please contact our office to discuss whether a full phone consultation or video conference is appropriate for your situation. We can still accommodate in person meetings as well, while being mindful of social distancing guidelines.

Due to precautions related to COVID-19, we have expanded our options for remote consultations. Please contact our office to discuss whether a full phone consultation or video conference is appropriate for your situation. We can still accommodate in person meetings as well, while being mindful of social distancing guidelines.

Can you file for personal bankruptcy more than once?

On Behalf of | Sep 24, 2021 | Bankruptcy |

Bankruptcy is often the last measure someone can take to protect themselves from ever-mounting levels of debt. People often try other means of regaining financial control before they even consider bankruptcy. 

When creditors become aggressive in their collection efforts, you may have no choice but to adopt an equally aggressive approach. A bankruptcy can discharge your unsecured debts and help you free up money in your monthly budget. Still, it won’t resolve underlying issues that contribute to financial instability, like inadequate income. 

Sometimes, those who filed for bankruptcy once will find themselves eventually dealing with high levels of debt again. Can you file for bankruptcy more than once if you continue to have debt issues?

There are limitations on how quickly you can file for bankruptcy again

You have the right to file for bankruptcy multiple times in your life if financial hardship continues to cause issues in your life. What kind of bankruptcy you originally filed and the kind of bankruptcy you want to file this time will determine how long you have to wait

If you previously filed for Chapter 13 bankruptcy and want to file Chapter 13 bankruptcy again, you only have to wait two years after your discharge to do so. If you need to pursue a Chapter 7 filing this time, you will have to wait six years. If you filed for Chapter 7 bankruptcy before, you have to wait four years for a Chapter 13 filing and eight years from the date of discharge for another Chapter 7 bankruptcy. 

Knowing when you have the right to file bankruptcy again can help you regain control over your financial situation.

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