When you are undergoing your bankruptcy proceedings, you are likely looking forward to this experience being behind you once and for all. However, it is an unfortunate reality that individuals sometimes have to file for bankruptcy more than once in their lifetime. And if you find yourself in this situation, you may be wondering how soon is too soon to do so. Read on to discover how long after your first bankruptcy you can file again and how a seasoned Rockland County bankruptcy attorney at The Law Office of Allen A. Kolber, Esq. can guide you in the right direction.
Under what circumstances would I have to file for bankruptcy again?
After you file for Chapter 7 or Chapter 13 bankruptcy, the New York court will discharge some of your remaining debts. Such dischargeable debts may include, but may not be limited to, your medical bills, credit card bills, and personal loans. With this, you are offered relief and an opportunity for a fresh start.
However, individuals are sometimes unable to work toward better financial health. This is whether it be because they cannot shake off bad spending habits or they experience a significant life change that causes them to incur new financial obligations. Or, this may be because they are struggling to pay off their nondischargeable debts from their initial filing, such as their taxes, liens, alimony, child support, etc. And so, individuals repeatedly file for bankruptcy more often than you may initially think in New York State.
When can I file for bankruptcy again in New York State?
Luckily, federal law and New York State law do not have any limitations when it comes to how many times an individual can file for bankruptcy. However, this is not to say that there are no limitations on when you can conduct a subsequent filing.
More specifically, for a Chapter 7 bankruptcy filing, the mandatory time restriction for a subsequent filing is typically eight years from the date of your initial filing. Importantly, your subsequent filing can be either a Chapter 7 or a Chapter 13.
And as for a Chapter 13 bankruptcy filing, the mandatory time restriction for a subsequent filing is usually four years from the date of your initial filing. And similarly, your subsequent filing can be either a Chapter 7 or a Chapter 13.
What if I need a subsequent bankruptcy filing before the time restriction?
Say, for instance, that you are in dire need of financial assistance, but you still have years until federal law and New York State law says that you can file again. In this case, you may be able to file early. However, you must note that the outcome may differ from the outcome if you were to wait.
If you require additional guidance, consult with a competent Rockland County bankruptcy attorney today.