For those who have filed for bankruptcy in the past, the process has clear benefits. The bankruptcy process allows people to relieve overwhelming debts, giving ease to families struggling financially because of their financial obligations. In just a few short months or years, debtors can see many of their debts wiped away depending on the bankruptcy they filed.
However, it is easy for people to fall into debt after filing for bankruptcy. People may need to take on new credit card debt or loans for emergencies or suffer from illnesses that cause medical debt. As a result, many debtors want to know if they can file for bankruptcy again. To learn more, it can help to read the following:
How long do you have to wait?
There is no limit to the number of times a person can file for bankruptcy during a lifetime. There is, however, a waiting period between bankruptcy filings. The amount of time debtors will have to wait depends on the type of bankruptcy they previously filed, the new bankruptcy filing and whether the person received a discharge with their last filing.
How long it takes between filings includes:
- Chapter 7 to Chapter 7: 8 years
- Chapter 13 to Chapter 7: 6 years
- Chapter 7 to Chapter 13: 4 years
- Chapter 13 to Chapter 13: 2 years
The waiting period begins after the last bankruptcy filing and not the discharge date. However, if a bankruptcy filing was dismissed – meaning that the debts were not discharged – then the filer has 180 days before filing a new bankruptcy. Legal guidance can help debtors learn more about their bankruptcy options.
