Bankruptcy is a debt relief option for people who are struggling with debt. Chapter 7 bankruptcy can discharge debts a few months after an initial filing. Chapter 13 bankruptcy reorganizes debts to be more easily resolved after three to five years. However, many people go into debt again after filing for bankruptcy due to unavoidable circumstances.
Debtors can file for bankruptcy as many times as they need, but they do generally need to wait a while between filings. If you want to learn about the waiting period to file for bankruptcy a second time, here is what you should know:
The waiting periods for repeat bankruptcies vary according to type
After a successful bankruptcy filing and debt discharge, a debtor will generally need to wait several years before filing for bankruptcy again. The waiting period for repeat bankruptcies depends on the type of bankruptcy a debtor previously filed and the new type of bankruptcy filing. The waiting periods are:
- Chapter 13 bankruptcy to a Chapter 13 bankruptcy: two years
- Chapter 7 bankruptcy to a Chapter 13 bankruptcy: four years
- Chapter 13 bankruptcy to a Chapter 7 bankruptcy: six years
- Chapter 7 bankruptcy to a Chapter 7 bankruptcy: eight years
Debtors may have a shorter waiting period if they are filing for Chapter 13 bankruptcy. It is important to understand how long it takes to file for bankruptcy after a previous filing to avoid wasted effort.
Waiting period after a bankruptcy is dismissed
If a debtor filed for bankruptcy and it was dismissed without a discharge, they generally need to wait six months before filing again. A new bankruptcy filing also needs to include new debts before a court will approve a discharge.
Professional legal guidance can help debtors explore their bankruptcy options, including second (or subsequent) filings. There is no particular limit on the number of times someone can file for bankruptcy so long as the situation warrants that action — and it is not particularly unusual.