If you have already filed for bankruptcy previously, you may be wondering how soon until you can file again. Our Tennessee debt relief team outlines everything you need to know about filing multiple bankruptcies below.
Can You File For Bankruptcy More Than Once?
The answer is yes. If you need to file for bankruptcy during your lifetime, you can do so as many times as you need to. It is not limited to how many times you can file, but there is a time limit between filings. In some cases, you might file but not get any debt discharge, so you need to be careful. Chapters of the U.S. Bankruptcy Code determine the time limits for filing bankruptcy. A bankruptcy case starts on the date you file it (not on the date of discharge or stay).
Understanding the Time Limits
The time limits for filing multiple bankruptcies do not apply to the bankruptcy filings themselves, as much as it does to discharges. There is no set limit to how soon you can file bankruptcy for a second time, but if you file too soon after receiving a discharge, you will not be eligible for further forgiveness.
Here are the time frames for filing under the same chapter more than once:
- Chapter 7: Filers must wait eight years after their original Chapter 7 filing date in order to be eligible for another discharge.
- Chapter 13: Filers must wait two years after their original Chapter 13 filing date to be eligible for a second discharge.
There are different rules regarding filing consecutive bankruptcies under different chapters:
- Chapter 13 after a Chapter 7: If the court granted a discharge under Chapter 7, filers must wait four years from the Chapter 7 filing date before filing under Chapter 13.
- Chapter 7 after a Chapter 13: If the court granted a discharge under Chapter 13, filers must wait six years before filing under Chapter 7. However, filers don't have to wait that long if they paid unsecured creditors in full during their Chapter 13 case, or if they paid at least 70% of the claims.
When Filing Another Bankruptcy Without a Discharge Could be Beneficial
There are some times where you may not even need a discharge, rather more time to pay off your debts. For example, filing a Chapter 13 bankruptcy can help you extend the lifetime of your payments to help you pay off debt debts that you were previously unable to gain a discharge for. This strategy is also efficient in gaining more time to pay off debts that are simply not considered dischargeable by bankruptcy at all.
Knowing when and how to do this can be complicated, however, and consulting with experienced legal professionals is always wise before attempting this approach.
Where The Law Offices Of Mayer & Newton Can Assist You
There are a number of other factors that influence whether filing for multiple bankruptcies is the best option for you. To make absolutely sure, the team at The Law Offices Of Mayer & Newton is ready to assist you through personalized and compassionate services.
Talk to our qualified team of lawyers today at to schedule your free consultation.