For many, filing for bankruptcy is a last resort to regain control of their finances. However, when complete, many feel relief from the overwhelming debt they were in. Unfortunately, some may also find that additional unexpected bills, like medical expenses, arise after they file their first bankruptcy case. As such, you may wonder whether or not you can file again and how long you must wait between filing. If this reflects your circumstances, the following blog explains what you should know about these timelines if you wish to file for bankruptcy again. You’ll also discover how a Memphis, TN consumer bankruptcy lawyer can assist you with any issues you may face when trying to repeat bankruptcy.
Can I File for Bankruptcy Again After an Initial Filing?
Unfortunately, many are under the assumption that they only have one opportunity to file for bankruptcy. While this may be true for some, as this process can be harsh on your credit score, you can file as many times as you need to. This is beneficial for those undergoing extreme hardship, as it can help them regain control of their finances.
It is important to note that there is a waiting period between filings. However, once this period is over, you can file for bankruptcy again. You should also understand that if you file multiple bankruptcies back to back, you may lose the automatic stay benefits that prevent creditors from collecting debts.
How Long Do I Have to Wait?
The waiting period you must adhere to will depend on what Chapter of bankruptcy you filed and which you plan on filing.
If you first filed Chapter 7, you must wait eight years before filing Chapter 7 again. However, if you wish to file Chapter 13, you must wait four years.
If you initially filed Chapter 13, you must wait around six years if you wish to file Chapter 13 next. This period may be shortened if you pay unsecured debts in full. If you want to file for Chapter 13 for a second time, you only need to wait two years between filing.
If you did not receive a discharge, you may only need to wait six months before filing.
How Can an Attorney Help Me With This Process?
If you need to file for bankruptcy again, it’s essential to understand why these waiting periods are in place. Failure to adhere to them can have your case automatically dismissed or leave you vulnerable to creditor pursuit. As such, it’s in your best interest to work with an experienced when filing to ensure all requirements are met.
At the Arnold Law Firm, our dedicated legal team will do everything possible to help you navigate the complexities of bankruptcy. Contact our firm today to learn how we can guide you through this process so you can regain control of your finances.