How many times can I file bankruptcy?

Bankruptcy can be a viable option for those overwhelmed by debt. However, one common question that many individuals have is “how many times can I file for bankruptcy?” The answer to this question depends on several factors, including the type of bankruptcy you’ve previously filed and how much time has passed since your last filing.

The United States Bankruptcy Code allows individuals to file for bankruptcy more than once. However, there are specific rules and time restrictions that must be adhered to. These rules are designed to prevent individuals from abusing the bankruptcy system.

According to the Bankruptcy Code, if you have previously filed for Chapter 7 bankruptcy, you must wait eight years from the date of your previous filing before you can file another Chapter 7 bankruptcy. If you wish to file for Chapter 13 bankruptcy after a Chapter 7, you must wait four years from the date of your Chapter 7 filing.

For those who have filed for Chapter 13 bankruptcy, the rules are a bit different. If you wish to file another Chapter 13 bankruptcy, you must wait two years from the date of your previous filing. If you want to file for Chapter 7 bankruptcy after filing a Chapter 13, you must wait six years from the date of your Chapter 13 filing.

It’s important to note that these time frames begin from the date of your previous filing, not the date of your discharge. Also, these rules apply to cases where the previous bankruptcy resulted in a discharge of debts. If your bankruptcy case was dismissed without a discharge of debts, these time restrictions may not apply.

Repeated bankruptcy filings can have a negative impact on your credit history, making it more difficult to secure loans or credit in the future. Therefore, it’s essential to consider all options and potential consequences before deciding to file for bankruptcy again.

While the Bankruptcy Code does allow for multiple bankruptcies, it’s always recommended to consult with an experienced bankruptcy attorney to understand your options and the implications of filing for bankruptcy more than once. The attorneys at Liviakis Law Firm are committed to helping individuals navigate the complex world of bankruptcy law, providing guidance and support every step of the way. Reach out to us for more information and to discuss your unique situation.