You may have filed for bankruptcy in the past. You did this because you likely had a lot of medical debt or credit card debt that you could not pay. Bankruptcy may have been your only option. However, you may need to file for bankruptcy again because of the overwhelming debt affecting your family.
You can file for bankruptcy any number of times during your life. However, for every successful filing, you may need to wait before you can file for bankruptcy again. How long do you need to wait? Here is what you should know:
You may need to wait several years before you can file again
To stop people from taking advantage of bankruptcy protections, there are limits to how often people can receive successful filing. How long you will need to wait will depend on what kind of bankruptcy you filed in the past and the type you plan on filing for.
Here is how long you will need to wait:
- Chapter 7 after a Chapter 7 bankruptcy: 8 years
- Chapter 7 after a Chapter 13 bankruptcy: 4 years
- Chapter 13 after a Chapter 7 bankruptcy: 6 years
- Chapter 13 after a Chapter 13 bankruptcy: 2 years
The timer starts when your bankruptcy was filed, not the day your debts were discharged.
Why would you file for a different kind of bankruptcy than before? There are a few advantages to filing for a different kind of bankruptcy. For example, you may be able to file for bankruptcy sooner by switching the type of bankruptcy. You may also have new assets that you want to protect, or you may have let go of assets and now prefer a Chapter 7 over a Chapter 13.