How Soon After I Claim Chapter 13 Bankruptcy Can I Claim Again
In a Nutshell
You tin file bankruptcy as many times every bit you need to, just you lot normally have to await betwixt filings. The waiting catamenia depends on several factors, including whether the initial bankruptcy case was dismissed or discharged, what chapter you filed in the offset case, and what chapter yous programme to file in your 2d defalcation example.
Unfortunately, filing for bankruptcy once doesn't make you immune from financial troubles for a lifetime. If you lot've filed for bankruptcy protection earlier and you're considering filing again, yous'll need to know near the filing rules and time limits. You tin file more than than ane bankruptcy in a lifetime but there are rules almost how often you can file. You'll also want to consider all of your debt relief options and know how a 2d bankruptcy case volition affect your fiscal well-being. This article explores all of these considerations.
Is It Legal To File for Bankruptcy Twice?
Information technology's legal to file every bit many defalcation cases as necessary, merely at that place are rules nigh how oft you lot can file. The U.Southward. Bankruptcy Code regulates multiple case filings, how long a filer must wait, and other specifics that we'll cover in detail beneath.
The mandatory waiting period between filings depends on several factors, including:
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The result of your first bankruptcy case: If you received a bankruptcy discharge for your showtime case, the waiting period earlier you tin file again is dissimilar than if your previous instance was dismissed without discharge.
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The type of bankruptcy you lot filed before: Individuals and families by and large file either Chapter 7 or Chapter 13 bankruptcy. The time limits before you're allowed to file over again differ depending on the chapter of your previous filing.
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The chapter of bankruptcy you file the 2nd time: The waiting menstruum betwixt bankruptcy filings is affected by both the chapter of the previous defalcation and the affiliate you lot programme to file in the subsequent case.
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The amount of time that's passed since the filing appointment of your first case.
What's the Mandatory Waiting Period Between a Get-go and Second Defalcation Filing?
Nether defalcation law, people tin file for defalcation more than than one time to become the fresh start they deserve. The mandatory waiting flow between bankruptcy cases depends on whether the first bankruptcy instance was successfully discharged, whether your first bankruptcy instance was a Chapter 7 (liquidation example) or a Affiliate 13 (reorganization with repayment program), and what chapter of bankruptcy your second filing volition be.
Successful Discharge of Showtime Defalcation Instance
The two main types of personal bankruptcy are Chapter 7 and Chapter 13. Nearly individuals and families file Affiliate vii bankruptcy. This is the quickest course of bankruptcy. Information technology's too known as a liquidation bankruptcy, though the majority of filers become to keep nearly or all of their belongings.
Information technology makes more sense for some people to file for Chapter 13 bankruptcy. Nether Chapter 13, your debts are reorganized and y'all pay on a repayment plan that lasts 3 to 5 years. This has benefits that Chapter 7 doesn't.
Filers receive a bankruptcy discharge at the end of a successful Chapter vii or Affiliate thirteen bankruptcy case. The discharge is a bankruptcy courtroom society that erases certain debts and means lenders tin't ever legally endeavor to collect on discharged debts again.
The post-obit outlines when you can file defalcation again and be eligible for a 2d discharge. The clock starts ticking on the date you filed your starting time bankruptcy, not the date of discharge.
Filing Chapter 7 Later Affiliate seven
Y'all must wait eight years between Chapter 7 bankruptcy cases. To receive a 2nd discharge, you must wait viii years from the date you lot filed your get-go successful Chapter 7 case until yous can file your second Chapter seven instance.
Filing Affiliate 7 Later Chapter 13
You must wait six years between filing a Chapter 13 case and filing a Chapter 7 case. This timeline starts on the appointment you filed your start successfully discharged Chapter 13 case. One time six years laissez passer, you can file a second bankruptcy example under Chapter 7. The 6-twelvemonth waiting period can be waived if you paid all of your unsecured creditors in full during the initial Chapter 13 bankruptcy payment plan. Unsecured debts include credit card debt, medical bills, and other debts non secured or backed up by belongings.
Filing Chapter 13 After Filing Chapter vii
You must wait iv years to file a Chapter 13 bankruptcy case after filing a Chapter vii example. This four-year waiting period only applies if you lot're hoping to receive a second discharge of debt in your 2d bankruptcy filing.
In some instances, it might make sense for a person to file a Chapter 13 bankruptcy after receiving a discharge in a Chapter vii merely before the four-year waiting period has passed. This is because Chapter 13 bankruptcy requires you lot to follow a payment programme to repay your debts. This can help yous to catch up on missed payments.
Equally soon as yous file bankruptcy, creditors must stop all drove action against you considering of the automatic stay. This ways that filing for bankruptcy tin can stop a foreclosure, at least temporarily. A Chapter 7 bankruptcy can stop a foreclosure while a person is in bankruptcy, just if yous desire to go on your house you lot have to make your monthly payments and grab upward on any missed payments.
A Affiliate thirteen bankruptcy includes a repayment plan that allows yous to brand up whatever missed mortgage payments over a three-to-five-year repayment plan. During this repayment plan, by and large, your business firm can't be foreclosed. This is why some people file Affiliate xiii fifty-fifty though they're not seeking to have their debts discharged. In this case, it wouldn't exist necessary to expect four years between filings.
Filing Affiliate 13 Subsequently Chapter 13
Y'all must wait ii years between Chapter 13 bankruptcy cases. To receive a second discharge of debts in Chapter 13, you must wait two years from the filing date of your starting time successfully discharged Chapter 13 example until the filing date of your second Chapter xiii case.
All waiting periods betwixt bankruptcy filings are calculated from the filing appointment of the first case, not the discharge date.
Offset Defalcation Case Not Discharged
In that location is a difference betwixt a bankruptcy case that's discharged and one that'south dismissed. If your starting time defalcation instance was dismissed, yous didn't receive a discharge and so you may exist able to file a 2nd bankruptcy instance immediately. When a bankruptcy case is dismissed without a discharge, information technology means that none of the filer's debts are erased and they're still obligated to pay back their debts.
Bankruptcy cases tin can exist dismissed if:
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You don't appear at a required bankruptcy hearing, including the 341 meeting of creditors.
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You fail to file all necessary documents properly and on time or fail to pay required bankruptcy filing fees.
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You don't pay the required Affiliate 13 plan payments.
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You aren't truthful in your bankruptcy filing.
Depending on the reasons your case was dismissed, you may be able to file for bankruptcy protection once more right away or you may need to wait earlier filing over again. Under the Bankruptcy Code, you must expect 180 days to re-file a defalcation case if your starting time case was dismissed past the bankruptcy court for non following the court's orders or actualization earlier the court when required.
Y'all may also need to wait 180 days before filing a second bankruptcy case if you asked for a voluntary dismissal of your first bankruptcy case after ane of your creditors filed for relief from the automatic stay. This means that a creditor formally asked the court to let them keep collection action confronting you fifty-fifty though y'all filed for bankruptcy protection.
When people file a 2d defalcation case later on a first instance is dismissed, the court will evaluate if the bankruptcy was filed in good faith. Skilful faith means that you're non trying to take advantage of the bankruptcy process. For example, if your first case is dismissed for failure to pay the necessary filing fee, it'southward generally okay for you to file a 2d case immediately equally long every bit you pay all necessary fees in the second case.
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Is Information technology a Practiced Thought To File Bankruptcy a Second Time?
Filing for bankruptcy is a powerful debt relief tool. You'll demand to look at your financial situation to determine whether filing a second defalcation instance is a good idea for you or not. Filing for bankruptcy will impairment your credit score and negatively impact your credit written report, at least in the brusk term. A Chapter 7 bankruptcy will stay on your credit report for 10 years from the filing date and a Chapter 13 bankruptcy for seven years.
While bankruptcy tin harm your credit, not filing can also be harmful due to missed payments, outstanding debts, and lawsuits for unpaid debts. If you're facing a second defalcation after many years have passed, it'southward important to explore why you're in this situation over again. Then take steps to ensure your financial well-being moving forwards.
In some cases, it's a practiced strategic financial move to file a 2nd defalcation after a successful discharge. For example, yous may do good from filing a Chapter 13 after a Chapter 7 belch to prepare a repayment plan to pay off past-due mortgage payments to save your house, catch up on kid support arrears, or pay tax debts that were besides new to be discharged in your Chapter 7 defalcation case. In the case of kid support arrears or dorsum taxes, filing a Chapter 13 2d bankruptcy could help you avert wage garnishment and stretch out your repayment plan over iii to v years. At that place are many valid benefits to filing a 2nd bankruptcy case.
Abusive Bankruptcy Filings
The defalcation court looks closely at cases that may be abusing the defalcation process. An calumniating bankruptcy filing could exist a Chapter 7 filer that fails the means test. It could besides utilise to cases where an individual is inappropriately using the bankruptcy process to avoid paying back a debt, avert a creditor, or purchase time in a drove action, such as a foreclosure or pending lawsuit for unpaid debt.
The courtroom frowns upon people who abuse the defalcation process or who have no intention of following through with their bankruptcy case. People who file multiple cases are more heavily scrutinized by the bankruptcy courts. Repeat filers may lose some of the benefits of bankruptcy protection. For example, the court may deny their belch or revoke the automated stay, which stops collection action.
If You lot're Seeking a Second Financial Fresh Get-go, Go Professional Help
Filing bankruptcy tin be complex — filing successive bankruptcies can be difficult, confusing, and financially unsafe if you don't plan well. An experienced bankruptcy attorney can help guide you lot. Bankruptcy attorneys are well-versed in the pitfalls of bankruptcy and multiple filings, the advantages bankruptcy offers, and court requirements. Many defalcation lawyers offering free consultations.
Many people who are struggling with debt start their debt relief journeying with credit counseling. Pre-defalcation credit counseling can help you evaluate all of your debt relief options, including bankruptcy, debt consolidation, debt settlement, and other debt management options that may be right for you. Debt relief solutions are never one-size-fits-all. You need to know what's all-time for yous given your financial state of affairs.
Let's Summarize…
It's possible to file defalcation every bit many times every bit you lot demand to, but you usually need to look between filings. The waiting period depends on whether the initial bankruptcy example was dismissed or discharged, what affiliate you filed in the first case, and what chapter you programme to file in your 2d bankruptcy example. Bankruptcy tin can be a complex process, and it can be helpful to hire a bankruptcy attorney to help you navigate the procedure.
Defalcation is a powerful tool to assist you get your finances back on track. Just the goal is to avoid having to file multiple bankruptcy cases. So if you detect that you're facing financial hardship over and over, it may be time to explore ways to forbid financial difficulties earlier they happen.
Source: https://upsolve.org/learn/file-bankruptcy-twice/
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