Your past bankruptcy proceedings may have been an emotionally grueling process that you, understandably so, may not want to go through again. But you may find yourself in the most unfortunate situation of struggling with your finances once again. On top of this, you may be unsure as to whether it is even possible to declare bankruptcy once more. Read on to discover how many times you can file for bankruptcy and how a seasoned Rockland County bankruptcy attorney at The Law Offices of Allen A. Kolber, Esq. can help you weigh your options.
How many times can I file for Chapter 7 or Chapter 13 bankruptcy?
For one, there is no limit to the amount of times you may file for Chapter 7 or Chapter 13 bankruptcy throughout your lifetime. However, there may be a limit to the amount of time you must wait in between each bankruptcy filing. More specific examples read as follows:
- If you have previously filed for Chapter 7 bankruptcy and wish to file this bankruptcy type again: then you must wait at least eight years in between each bankruptcy filing.
- If you have previously filed for Chapter 7 bankruptcy and wish to file for Chapter 13 bankruptcy this time around: then you must wait at least four years in between each bankruptcy filing.
- If you have previously filed for Chapter 13 bankruptcy and wish to file this bankruptcy type again: then you must wait at least six years in between each bankruptcy filing.
- If you have previously filed for Chapter 13 bankruptcy and wish to file for Chapter 7 bankruptcy this time around: then you must wait at least two years in between each bankruptcy filing.
It is worth mentioning that these time limits are only imposed if you are seeking another debt discharge in your subsequent bankruptcy filing. If not, then you may file for a Chapter 13 bankruptcy soon after a Chapter 7 bankruptcy without any time restraints. This is informally known as a “Chapter 20 bankruptcy filing.”
How can I avoid filing for bankruptcy multiple times?
There is a reason why you are required to attend a debtor education course before your debts can be discharged in your bankruptcy proceedings. The reason is so you can better understand how to budget your income and overall manage your finances so that you do not have to file for bankruptcy multiple times. This is why we strongly encourage you to take this course seriously. What’s more, we believe it is in your best interest to first attempt the financial strategies you learned in this course before you revert to a subsequent bankruptcy filing.
Whenever you are ready, a competent Rockland County bankruptcy attorney is here to provide legal assistance. So please schedule your free initial consultation with us at The Law Offices of Allen A. Kolber, Esq. today.
