If debt is causing you financial strain, then you may be eligible for bankruptcy. Bankruptcy is a process that allows you to relieve large amounts of debt in a few months or years. This debt can include credit card debt, medical bills and personal loans. The two most common forms of bankruptcy are Chapter 7 and Chapter 13 bankruptcy.
Many people fall back into debt after filing for bankruptcy. These people may want to know if they can file for bankruptcy again. If you are looking to file a second bankruptcy, then you should read the following:
Waiting periods for a second bankruptcy
If you have filed for bankruptcy in the past, then you may need to wait to file a second bankruptcy. The waiting period typically starts from the date the first bankruptcy was filed. Here is how long you may need to wait:
- Chapter 7 to Chapter 7: Eight years
- Chapter 13 to Chapter 7: Six years
- Chapter 7 to Chapter 13: Four years
- Chapter 13 to Chapter 13: Two years
Why do you have to wait so long for some forms of bankruptcy and not others? How long you have to wait to file for a second bankruptcy will depend on the first filing. The timelines are meant to discourage filers from abusing financial recovery options.
These waiting periods apply to previous successful bankruptcy discharges. If a bankruptcy is dismissed for failing to follow court orders or missing required hearings, a filer may not be eligible for another filing for six months.
Do you have questions about bankruptcy? Talking to someone who knows bankruptcy laws can help you understand your options.