Filing Bankruptcy for More Than One Time – Is It Feasible?

What if you file bankruptcy more than once? The number of times that you can file for bankruptcy is not legally limited. However, before a second (or third, etc.) bankruptcy is discharged, a certain time must elapse. An exception is if in your past bankruptcy, you have not received a discharge.

If you were able to file again, in this case, there would be no time limit. How long you have to wait will be based on your previous bankruptcy, the type of bankruptcy you wish to file now, and your previous bankruptcy's status. Before you file bankruptcy again, you'll want to know more.

The ability to re-file for bankruptcy will depend largely on the length of time it takes to discharge or dismiss your previous case:

If You Filed for Chapter 7

You may file again for Chapter 7 eight years after your original filing if you have previously filed for bankruptcy in Chapter 7. If there have not been eight years, wait four years to submit bankruptcy for Chapter 13.

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If You Filed for Chapter 13

If you have previously submitted bankruptcies for Chapter 13, you must wait technically two years to return to Chapter 13. However, in fact, for a Chapter 13 case to discharge it usually takes three to five years so that you can register immediately after your previous registrations have been finished. Usually, you can immediately re-submit if your case has been dismissed (not discharge). This time you need to wait six years for Chapter 7 protection, but with an important exception in cases when at least 70% of your debts were paid by the submission of Chapter 13 in good faith. You have to wait for six years.

Things to Consider

You can choose to file bankruptcy twice by several factors. There is a problem. These are:

  • You have filed the previous type of insolvency and the one you want to file now.

  • The first time you submitted bankruptcy.

  • Whether you discharged, dismissed or rejected your first case with prejudice.

Filing bankruptcy for the second or third time can be more complicated than the first one. Moreover, state law has a crucial role to play in it. You can go through legislation and regulations that govern your particular case by an experienced bankruptcy lawyer. He or she can assist you in choosing the type of bankruptcy in Oklahoma that makes sense to you and how to file it. This complex area of law can be explained simply by the lawyer so that you can understand fully what happens if you file bankruptcy twice.

Call Chris Mudd and Associates today if you are willing to take the first step towards financial freedom.

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