If You File Bankruptcy 13 Years Ago Can You File It Again
In a Nutshell
You can file more than 1 bankruptcy in a lifetime. How many times depends on how long it's been since your last bankruptcy case and what type of bankruptcy you filed. Nosotros'll break it down for you.
Have you lot filed bankruptcy in the past simply are faced with a fiscal situation that you can't resolve despite your all-time efforts? If you're facing a possible wage garnishment due to unexpected medical bills, unpaid tax debts, or any other blazon of debt you're no longer able to pay, you tin ask the court for bankruptcy protection a second time.
Know that you're not solitary. A 2006 newspaper on a establish that 8% of defalcation filers end upwards filing bankruptcy once again. [ 1 ] The 2005 changes to the Bankruptcy Code, intended to reduce overall filings, take not had much of an impact on this number. [ two ]
In this article, we'll look at simply how many times someone can file bankruptcy depending on the type of bankruptcy and the amount of time that has passed since the first case. We'll likewise take a look at what other debt-relief options are available if filing bankruptcy is not an option and whether a bankruptcy attorney can help you file a second bankruptcy sooner.
Defalcation is a legal manner for individuals who can no longer beget to pay their debts to get permanent debt relief through a bankruptcy discharge. The Bankruptcy Lawmaking provides for three types of consumer bankruptcies known as Chapter seven bankruptcy, Chapter xi bankruptcy, and Chapter 13 bankruptcy.
Dissimilar Types of Bankruptcy Explained
A Affiliate 7 defalcation eliminates most debt, including credit menu debt, without requiring repayment of whatsoever kind. Instead of a repayment programme, the Affiliate 7 bankruptcy process liquidates your not-exempt assets to partially repay your debts. A Affiliate thirteen defalcation allows you to continue all of your belongings as long equally the monthly repayment programme pays for the value of your assets. The debts that don't get paid equally part of the repayment plan are discharged once the program has been completed. The discharge of your debts gives you the fresh start you need.
The Chapter xi defalcation process provides similar relief to that provided in Chapter 7 and Affiliate 13, but is mostly reserved for filers with businesses or pregnant avails and is a lot more expensive than even a Affiliate 13 bankruptcy. This commodity will focus specifically on Chapter 7 and Chapter thirteen bankruptcy.
How it works
There is no limit to how many times someone tin can seek defalcation protection. To foreclose an abuse of the bankruptcy process, the Defalcation Lawmaking requires a certain amount of time to pass between cases that consequence in a discharge. This prevents people from running up high credit card balances and other types of debt and filing bankruptcy every few years.
What are the Time Limits
The type of bankruptcy filed in the previous instance determines the time limit between cases. The time starts to run on the appointment the prior case is filed with the bankruptcy court. The date the discharge was entered doesn't matter.
Chapter 7 bankruptcy ➡️ Affiliate vii bankruptcy: 8 years
This is the longest amount of time between cases required by the Bankruptcy Code. Affiliate vii provides the quickest form of debt relief through a defalcation filing and doesn't crave the filer to complete a repayment plan before getting their bankruptcy discharge.
Affiliate 7 bankruptcy ➡️ Affiliate 13 bankruptcy: 4 years
It is possible to file Chapter thirteen bankruptcy shortly afterward receiving a Chapter 7 belch, the filer just won't be eligible to receive a Chapter 13 belch in the 2nd case. And so, someone who successfully discharges their unsecured debts through Chapter 7 can file a Chapter 13 bankruptcy to pay off revenue enhancement debts or other types of debt that survived the prior case.
Chapter 13 bankruptcy ➡️ Chapter 7 bankruptcy: half-dozen years
This waiting menstruum tin be waived if you paid back 100% to your unsecured creditors in your Chapter 13 program (or in some cases where y'all paid back 70% of your total debts) and the original case was found to exist in good faith. Plus, since a Chapter 13 repayment plan can take upwardly to v years to complete before resulting in a belch, information technology'due south possible to file Chapter 7 defalcation about one twelvemonth after receiving a Affiliate thirteen belch.
Chapter 13 bankruptcy ➡️ Chapter 13 bankruptcy: 2 years
If you previously filed a Chapter 13 case and received a discharge and are looking to file a Affiliate 13 example once more, you take to wait at to the lowest degree two years from the filing date of the first case before filing the 2nd case. This is pretty rare. The minimum length of a Affiliate thirteen repayment plan is 3 years. Receiving a discharge before completing a 3 year plan is possible only if an unexpected hardship makes completing the plan impossible.
Echo Affiliate 13 defalcation filings are sometimes used to proceed the payments on the filer'southward educatee loans or tax debts manageable. Since these types of debts can't be discharged, the time limit between cases is less important.
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Can a bankruptcy chaser help me file bankruptcy sooner?
A bankruptcy attorney can't assistance you lot become effectually the time limits, but they may be able to help you file a different type of defalcation than the i yous filed before and ostend the earliest date your 2nd example can be filed. This is especially true if y'all filed a Affiliate 7 defalcation just didn't get a discharge. Only a bankruptcy lawyer can give you lot legal advice almost how soon your 2d bankruptcy can be filed. They can besides help you get a court lodge to brand sure your automated stay doesn't expire before your belch is entered.
Do I have other debt-relief options?
If you are in between bankruptcy filings and unable to file another bankruptcy, y'all may accept to consider other debt-relief options like debt consolidation or debt settlement. These alternatives can be tricky to navigate, then start by getting a free evaluation of your financial situation through credit counseling. Also, remember that most police firms treatment bankruptcy matters offer free consultations.
Permit's Summarize...
In brusque, you can file more than one defalcation in a lifetime. How many times depends on how long it'southward been since your last bankruptcy case. If yous previously filed a Chapter vii defalcation and want to file Affiliate 7 again, the time menstruation is eight years from when you lot last filed. If y'all filed Chapter seven and want to file a Chapter xiii, the time period is four years from when you filed Affiliate 7. If you lot filed a Chapter xiii and want to file another Chapter 13, the time period is two years from when y'all last filed. And, if you filed a Chapter 13 and want to file a Chapter 7 the time period is 6 years from when you filed.
If you're eligible to file Chapter 7 bankruptcy, but can't afford to rent a bankruptcy attorney, Upsolve's free tool tin can help you ready your bankruptcy forms and complete the bankruptcy process on your ain.
Sources:
- American Bankruptcy Plant. ( 2006 ). Defalcation Repeat Filings. Law Review, 14(1), 169-200 .
- Miller, Michelle M. & Miller, Fifty. ( 2008, June ). Repeat Filers Under the BAPCPA: A Legal and Economic Analysis. Norton Annual Survey of Bankruptcy Police force, p. 509, 2008 . Retrieved August 4, 2020, from https://ssrn.com/abstruse=1983377
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