You’re considering bankruptcy, but this isn’t the first time you’ve run into financial issues. Years ago, you actually filed for bankruptcy already. You know firsthand how it can help you to eliminate unaffordable debt.
Unfortunately, due to things outside of your control—such as job loss or medical bills—you are now facing similar financial challenges. Is it possible for you to file for bankruptcy twice, or is this an option that you’ve already used and cannot return to in the future?
What was the outcome of your previous case?
You often can file for bankruptcy twice, but there will be a waiting period. Exactly how long you have to wait depends on a number of factors.
For example, when someone’s bankruptcy case is dismissed, then they only have to wait 180 days to file for bankruptcy again. So if your first case was not successful, the waiting period is only a few months.
If your bankruptcy was discharged, then the waiting period starts on the day that you filed—not on the day on which your debts were ultimately discharged—and it is different for each type of bankruptcy.
For Chapter 13 bankruptcy, for example, you typically have to wait between two and four years to file again. With Chapter 7 bankruptcy, you generally have to wait between six and eight years. So it is possible to file for bankruptcy repeatedly and even to use the same chapter each time, but you’ll have to wait years to be able to do so.
Exploring your options
It’s good to begin looking into all of your options, including bankruptcy, when facing high levels of debt. Be sure you know what legal steps to take at this time.