I Filed Chapter 7 in 2014 When Can I File Again
In a Nutshell
Y'all can file more than ane bankruptcy in a lifetime. How many times depends on how long it's been since your last bankruptcy case and what blazon of defalcation y'all filed. We'll break it downward for you.
Have you filed bankruptcy in the past only are faced with a financial state of affairs that yous tin't resolve despite your all-time efforts? If you're facing a possible wage garnishment due to unexpected medical bills, unpaid taxation debts, or any other blazon of debt you're no longer able to pay, y'all can ask the courtroom for bankruptcy protection a 2nd time.
Know that you're not lonely. A 2006 paper on a found that viii% of bankruptcy filers terminate up filing bankruptcy again. [ 1 ] The 2005 changes to the Bankruptcy Code, intended to reduce overall filings, have not had much of an impact on this number. [ 2 ]
In this article, we'll look at just how many times someone can file bankruptcy depending on the type of bankruptcy and the corporeality of time that has passed since the start instance. Nosotros'll also take a look at what other debt-relief options are available if filing bankruptcy is non an option and whether a bankruptcy attorney can help yous file a 2nd defalcation sooner.
Bankruptcy is a legal way for individuals who can no longer afford to pay their debts to get permanent debt relief through a bankruptcy discharge. The Bankruptcy Code provides for three types of consumer bankruptcies known as Chapter seven bankruptcy, Affiliate 11 bankruptcy, and Affiliate thirteen bankruptcy.
Different Types of Bankruptcy Explained
A Chapter 7 defalcation eliminates nigh debt, including credit card debt, without requiring repayment of whatsoever kind. Instead of a repayment programme, the Chapter 7 bankruptcy process liquidates your non-exempt avails to partially repay your debts. A Chapter thirteen bankruptcy allows you lot to keep all of your property as long equally the monthly repayment program pays for the value of your avails. The debts that don't get paid as part of the repayment program are discharged once the plan has been completed. The discharge of your debts gives you the fresh offset you need.
The Affiliate 11 bankruptcy process provides similar relief to that provided in Affiliate 7 and Chapter 13, but is generally reserved for filers with businesses or meaning assets and is a lot more expensive than even a Chapter 13 defalcation. This article will focus specifically on Chapter 7 and Chapter xiii bankruptcy.
How information technology works
In that location is no limit to how many times someone tin can seek bankruptcy protection. To prevent an corruption of the bankruptcy process, the Bankruptcy Code requires a sure amount of fourth dimension to pass between cases that outcome in a discharge. This prevents people from running up high credit carte balances and other types of debt and filing bankruptcy every few years.
What are the Fourth dimension Limits
The type of bankruptcy filed in the previous case determines the time limit betwixt cases. The time starts to run on the appointment the prior case is filed with the defalcation courtroom. The date the belch was entered doesn't matter.
Affiliate 7 bankruptcy ➡️ Chapter vii bankruptcy: 8 years
This is the longest corporeality of time betwixt cases required by the Bankruptcy Code. Chapter seven provides the quickest form of debt relief through a defalcation filing and doesn't require the filer to complete a repayment plan before getting their bankruptcy discharge.
Chapter 7 bankruptcy ➡️ Chapter 13 bankruptcy: 4 years
Information technology is possible to file Affiliate thirteen bankruptcy soon after receiving a Chapter 7 belch, the filer but won't exist eligible to receive a Chapter thirteen belch in the second example. And then, someone who successfully discharges their unsecured debts through Chapter 7 tin can file a Chapter 13 bankruptcy to pay off tax debts or other types of debt that survived the prior case.
Chapter xiii bankruptcy ➡️ Chapter seven bankruptcy: 6 years
This waiting period can be waived if you lot paid dorsum 100% to your unsecured creditors in your Chapter 13 plan (or in some cases where you paid dorsum seventy% of your total debts) and the original case was establish to be in practiced faith. Plus, since a Chapter 13 repayment program can take up to 5 years to complete before resulting in a discharge, it'south possible to file Chapter 7 defalcation about 1 year after receiving a Chapter 13 belch.
Chapter 13 bankruptcy ➡️ Chapter 13 bankruptcy: 2 years
If you previously filed a Chapter xiii instance and received a discharge and are looking to file a Chapter thirteen example again, you take to wait at least ii years from the filing date of the first case before filing the 2d instance. This is pretty rare. The minimum length of a Chapter 13 repayment plan is 3 years. Receiving a belch before completing a 3 twelvemonth plan is possible simply if an unexpected hardship makes completing the plan incommunicable.
Repeat Chapter 13 bankruptcy filings are sometimes used to keep the payments on the filer's student loans or tax debts manageable. Since these types of debts can't be discharged, the time limit between cases is less of import.
Can a bankruptcy attorney assist me file bankruptcy sooner?
A bankruptcy attorney can't assistance you get around the time limits, simply they may exist able to help y'all file a different blazon of bankruptcy than the one you filed before and confirm the earliest date your second case can be filed. This is especially truthful if yous filed a Chapter seven defalcation simply didn't get a discharge. Only a bankruptcy lawyer tin give you legal advice about how soon your second bankruptcy tin can be filed. They can also help you get a court society to make sure your automatic stay doesn't expire earlier your belch is entered.
Do I have other debt-relief options?
If you lot are in between bankruptcy filings and unable to file another bankruptcy, you may have to consider other debt-relief options similar debt consolidation or debt settlement. These alternatives can exist tricky to navigate, so offset by getting a free evaluation of your fiscal situation through credit counseling. Also, think that nigh police firms handling bankruptcy matters offer free consultations.
Permit's Summarize...
In brusk, yous can file more than one bankruptcy in a lifetime. How many times depends on how long it'south been since your last defalcation instance. If you previously filed a Chapter 7 bankruptcy and desire to file Chapter 7 again, the time menses is eight years from when you concluding filed. If you filed Affiliate 7 and want to file a Chapter 13, the time period is four years from when yous filed Chapter vii. If you filed a Chapter xiii and desire to file another Chapter 13, the time menstruum is two years from when y'all final filed. And, if you filed a Chapter thirteen and want to file a Chapter seven the time period is six years from when you filed.
If you're eligible to file Chapter 7 bankruptcy, merely can't afford to rent a bankruptcy attorney, Upsolve's free tool can assist you prepare your bankruptcy forms and complete the bankruptcy process on your own.
Sources:
- American Bankruptcy Institute. ( 2006 ). Bankruptcy Repeat Filings. Law Review, 14(1), 169-200 .
- Miller, Michelle Thou. & Miller, Fifty. ( 2008, June ). Repeat Filers Under the BAPCPA: A Legal and Economical Assay. Norton Almanac Survey of Bankruptcy Law, p. 509, 2008 . Retrieved August 4, 2020, from https://ssrn.com/abstruse=1983377
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