Have you ever been overwhelmed with debt and just see no way out? This happens to a lot of people and has been even more common since the recession has been so long and so disruptive to many people’s lives. The Bankruptcy may seem like the best option for a lot of people and for some is the only option. But, it is possible to file for the Bankruptcy twice?
Normally, the person asking it should be more concerned with how to fix their financial troubles if there is a need to file for bankruptcy twice, there is a definite problem with their financial planning. We all know that there things that can occur from time to time that can make us have to turn to bankruptcy, but having to do so twice certainly shows there are problems knowing how to handle one’s money or lack of in this case.
The Filing for bankruptcy may solve your financial woes but only for a brief period of time. The Bankruptcy can actually bring about more problems, such as destroying your credit record and limiting your ability to get a loan. The Bankruptcy does bring about a lot of consequences to anyone that must do so. This makes it extremely important that you consider the advantages and disadvantages of doing this prior to actually following through with it.
The bankruptcy you are planning to file and how long has it been since you last filed for bankruptcy or got a discharge. It is important that you know what Chapter of bankruptcy you filed and how long ago so that you can determine if you can qualify to file bankruptcy again. The following information applies only if you obtained a discharge in the previous case. If you did not obtain a discharge in your previous bankruptcy case then none of these time limits apply.
If you have filed bankruptcy in the past then the bankruptcy code allows you to file for bankruptcy again in some of the important situations.
Chapter 13 Bankruptcy :
File Chapter 7 After a Chapter 13 Filing.- If you file a Chapter 7 bankruptcy after you have obtained a discharge in a Chapter 13 bankruptcy then your debts unsecured debts may not be discharged. In order to obtain a discharge in the Chapter 7 bankruptcy , the Chapter 7 bankruptcy is filed.
Now, after 6 years after you filed a Chapter 13 bankruptcy or if you file within 6 years, you must have paid your unsecured creditors not less than 70% of the debt you owed them.v
File Chapter 13 Bankruptcy After a Chapter 13 Bankruptcy- If you file a Chapter 13 bankruptcy within 2 years of getting a Chapter 13 discharge then your unsecured debts will not be discharged. You will still be responsible for debts such as credit cards, medical bills, personal & personal loans if you file Chapter 13 bankruptcy within 2 years of getting a Chapter 13 bankruptcy discharge.
Although there are time limits before you can file another bankruptcy case and get a full discharge, there are no limits specifically set as to how many times you can file for Bankruptcy protection. I have had clients who have needed to file for bankruptcy protection up to 3 times in their life. Although you never want to be in a situation where you may need to file bankruptcy again, you need to consider it if your debt is out of control.
CC Brown is a law firm that represents clients vigorously in several areas of practice.