If you have a bankruptcy in your background but are in financial trouble again, you may be wondering if you can pursue a bankruptcy now. Depending on the circumstances, it may be possible to go into bankruptcy again if enough time has passed. There is technically no limit on the number of times you can file so long as you meet the timeline requirements.
Exactly how often you can file depends on the kind of bankruptcy you had before and the type you’d like to have this time.
Chapter 7 bankruptcy repayment schedules
You may have to wait a few years to file for bankruptcy again if you have a Chapter 7 bankruptcy in your background.
For instance, if you had a Chapter 7 bankruptcy before and want to go through Chapter 7 bankruptcy again, you may have to wait eight years. If you had a previous Chapter 13 case, then you may have no waiting period up to a six-year waiting period depending on how much of the debt was repaid.
In the case that you went through a Chapter 11 bankruptcy before, you will have to wait up to eight years to file a Chapter 7 bankruptcy.
Chapter 13 repayment schedules
With Chapter 13 bankruptcies, you’re in a different position. The typical wait time to file a Chapter 7 bankruptcy after a Chapter 13 bankruptcy is as little as no time at all up to six years. There is no mandatory wait time if your previous bankruptcy’s requirements were met.
For a Chapter 13 bankruptcy with a Chapter 13 bankruptcy in the past, you will need to wait for a minimum of two years.
The timelines on bankruptcies vary based on many factors, so these are just typical wait times to consider. If you’d like to look into bankruptcy again, you may want to find out more about the legal options to reduce your debt first. Then, if enough time has passed, you can work with your attorney to file a new bankruptcy petition, so you can focus on repaying the debts you owe and getting a fresh financial start.