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When you wish to file for bankruptcy for a second or third time, understanding whether or not there are limitations regarding how often you can file is critical. Luckily, the following blog explores what you should know about what limitations surround filing for bankruptcy. Keep reading to discover more and learn why it’s imperative to connect with a Memphis, TN consumer bankruptcy lawyer if you’re ready to file for bankruptcy again.

Am I Allowed to File for Bankruptcy Again?

In general, there is no limit to how many times you can file for bankruptcy. You can file as many times as you need throughout your adult life. However, it is necessary to understand that there are time limits you must adhere to between filings. This is to prevent consumers from taking out mass amounts of debt and filing for bankruptcy repeatedly to absolve their debts without being accountable for them.

Additionally, the waiting period between filing will depend on what kind of bankruptcy you declare. As such, the wait time includes:

  • Chapter 7 to Chapter 7 – 8 years
  • Chapter 7 to Chapter 13 – 4 years
  • Chapter 13 to Chapter 7 –  6 years (or sooner if you repay the full amount of your Chapter 13 repayment plan)
  • Chapter 13 to Chapter 13 – 2 years

Are There Benefits to Filing a Different Chapter Than Before?

Depending on your unique circumstances, it may be in your best interest to explore all your bankruptcy options. For example, if you previously filed a Chapter 7 bankruptcy, filing Chapter 13 can help you create a repayment plan to pay off any debts that could not be discharged in your previous filing.

Additionally, if you pay off your Chapter 13 repayment amount in full, you can file Chapter 7 bankruptcy before the 6-year waiting period has elapsed,  which can be a considerable benefit if you wish to refile bankruptcy sooner than that waiting period allows.

Do I Need a Lawyer to File?

If you wish to file for bankruptcy again, understanding the steps you must take to do so is critical. Unfortunately, many believe they can navigate this process without the assistance of an attorney, which is far from the truth. In reality, filing on your own is an incredibly complex and challenging process. If you do not handle this matter correctly, it can cost you valuable assets in the long run.

Additionally, if you do not have the guidance of an attorney and it causes you to make an error or mistake, your case could be denied because the judge thinks you are trying to commit fraud.

As such, it is in your best interest to connect with an experienced attorney as soon as you decide you want to declare bankruptcy again. At the Arnold Law Firm, we understand how complex these matters can be which is why we are dedicated to helping you navigate these challenging times. If you are ready to file for bankruptcy, contact us today to learn how we can help you through these matters.