As bankruptcy attorneys, our clients ask us a number of questions about the filing process. One question that we get asked is: “Can you file for bankruptcy more than once?” The answer to this question is yes, you can file for bankruptcy more than once. In fact, there is no limit to the number of times you can file for bankruptcy in your lifetime. However, depending on the type of bankruptcy you file, there is a time period between filing before you can file again, especially if you’ve received a discharge of any of your debts.
So, technically, there is no time period you must wait between one filing and the next. The waiting period is applied if any of your debts are discharged after you file for bankruptcy. If you file before this waiting period is up, you won’t be allowed to receive another discharge of your debts.
When filing for chapter 7 bankruptcy, the waiting period is 8 years. With chapter 13 bankruptcy, it is a 2-year waiting period before you can file for chapter 13 again. This waiting period changes if you first filed for chapter 13 and then plan to file for a chapter 7 bankruptcy; in this case, the waiting period is 6 years. If you first filed for chapter 7 and then file for chapter 13, the waiting period is then 4 years.
With chapter 13 bankruptcy, you can receive a discharge sooner than the allotted waiting period if you have paid your debtors in full or in some cases 70% of your debts.
If this seems like a lot of different numbers thrown at you at once, don’t worry, we are here to help you during the entire filing process, whether it’s your first, second, or third time filing. Give the bankruptcy attorneys at Craft Law Offices in Greenville, NC a call today.