Certain steps in the bankruptcy process are design with the specific intent of preventing future bankruptcies. However, it is not unheard of for an individual to need a second go at bankruptcy.
If you have filed for chapter 7 in the past and you find yourself in situation where you may need to repeat the process, then there are some things that you should know. Most people would be surprised to learn that there is no code that specifically sets a time limit on a second bankruptcy filing after chapter 7.
However, there are limitations set on the amount of time that you have to wait to receive another discharge of debt. Since the discharge of debt is a fundamental component of a chapter 7, it does in a sense exclude the individual from receiving this type of debt relief for the prescribed period of time. If you have received a discharge of debt under chapter 7 bankruptcy, you will have to wait before you are eligible to receive a second discharge under chapter 7. If you file bankruptcy too soon after you have received a previous bankruptcy discharge, you cannot receive another discharge.
Time Limits Apply to Discharges, Not Bankruptcy Filings Bankruptcy law doesn't set a minimum period that you must wait before filing for bankruptcy a second time. Filing Under the Same Bankruptcy Chapter: Chapter 7 and Chapter 13 Here are the timeframes if you plan to file the same bankruptcy chapter that you filed the first time: Successive Chapter 7 cases You'll have to wait eight years after the first Chapter 7 case filing date before filing the second case.
Successive Chapter 13 cases Two years must elapse between filing dates before you'll be entitled to receive a second Chapter 13 discharge. Filing Under Different Chapters: The Order Matters Here are the waiting periods when a second bankruptcy case is a different chapter than the one you received your first discharge in.
Chapter 13 before Chapter 7 If the court granted your first discharge under Chapter 13 bankruptcy, you'd need to wait six years from the Chapter 13 bankruptcy filing date before filing for a Chapter 7 discharge. Chapter 7 before Chapter 13 If the court granted your first discharge under Chapter 7, you'd have to wait four years from the Chapter 7 filing date before filing a Chapter 13 case. The court dismissed the first case Unless the court orders otherwise, you can file again.
A day waiting period may apply if you failed to obey a court order or appear in the case, or you voluntarily dismissed the case after a creditor filed a motion for relief from the bankruptcy stay. The court denied your discharge You might be able to file again, but you probably won't be entitled to a discharge of the debts listed in your first case. This is another unusual circumstance wherein you would be wise to seek the advice of an experienced bankruptcy lawyer.
Talk to a Bankruptcy Lawyer Need professional help? Start here. Practice Area Please select It is possible to file for multiple bankruptcies but being discharged is strictly administered.
You must meet certain requirements and the timing can often be tricky. If you are considering filing for bankruptcy it is critical that you seek legal advice. An experienced bankruptcy lawyer will be able to advise you on the best sources of action to take and help you file for a bankruptcy that is most beneficial for your situation.
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Sell anything and anywehere on Shopify E-commerce, Dropshipping. You may be able to avoid the four-year wait and file Chapter 13 immediately with the caveat that your new Chapter 13 cannot be discharged. Sometimes the bankruptcy court dismisses or ends a case without a discharge.
That could happen if you failed to appear in court, ignored a court order or voluntarily dismissed your own case because a creditor filed a motion to continue collection efforts. If your case was dismissed, you have to wait days to file again. Note that subsequent filings might not earn you the automatic stay of collection, repossession and foreclosure actions. So you may not be as shielded from creditors pursuing payment. In other instances, courts can deny the discharge of your debts in a bankruptcy.
Reasons for denial include failure to provide documents, hiding assets or perjury. The bankruptcy process can be a daunting one. Hiring a qualified bankruptcy attorney to guide you through it is generally recommended to ensure a successful filing.
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