How Many Times Can I File for Bankruptcy?


Bankruptcy filing is an excellent idea for you if you are stuck with huge loans and credits and you are facing lots of pressure from the debtor to pay them back. It can be difficult for you to manage your finances in this crisis properly. The way out is a bankruptcy filing. A person files for bankruptcy for dissolving credits he is unable to pay back. The amount is adjusted with the remaining amount of total monthly income and total monthly expenses. There are several advantages and disadvantages of a bankruptcy filing, but when a person is over-burdened with credits, it is the best option. 

People often ask how to file bankruptcy in Oklahoma City because the law and process differs from place to place. Another frequently asked question that comes up is how many times a person can file for bankruptcy. There is no particular limit for a person to file for bankruptcy, but obviously, you have to wait for a certain amount of time to pay off your prior credits. Some conditions on which the state professionals will check include:

  • The type of bankruptcy you are filing for. If the types are the same or not.

  • If the previous bankruptcy has been discharged or dismissed or not.

  • The time gap between your previous bankruptcy filing and the present one.

There are another few conditions on which your next bankruptcy filing depends. There is Chapter 7 and Chapter 13 under which you can file for bankruptcy and you have to fulfill a certain criteria to be eligible under these chapters. There is time limit restraints for these chapters that can obstruct your bankruptcy filing.

  1. When you have filed for a Chapter 7 bankruptcy and you would like to file under this chapter again, you have to wait for eight years after the previous case, to file the next one.


2. For a Chapter 13 bankruptcy, you need to wait for at least two years after the discharge of the previous case. However, generally it takes three to five years to dissolve a case of bankruptcy under Chapter 13. Then, you have to wait another at least two years after the discharge of your previous case.   


3. If the first filing has been done under Chapter 7 and now you are trying for Chapter 13, you have to wait four years and be eligible under the criteria of Chapter 13 after the discharge of the previous case.

4. For a previous case under Chapter 13 and wanting to file under Chapter 7 now, you have to wait six years after the previous case’s discharge. This period can be shortened if you have paid all or 70 percent of your debts and earned good faith.

For more information about how to file bankruptcy in Oklahoma City and associated issues, you can contact Chris Mudd and Associates for an experienced lawyer in bankruptcy cases.

** Disclaimer: This blog post does not constitute legal advice, nor does it create a client-attorney relationship.