If you filed for bankruptcy before, you know it can be challenging and rewarding. Getting out from underneath crushing debt can help you in many ways, but what happens if you find yourself in debt again? Is it possible to file bankruptcy a second time? It is, but there are some things to understand before the paperwork is underway.
Filing a Second Chapter 7
Because a Chapter 7 bankruptcy allows you to discharge some or all of your debts, you cannot receive another discharge until a minimum of eight years after the original date of filing for your first Chapter 7.
Filing a Second Chapter 13
A second Chapter 13 is a bit more forgiving than a second Chapter 7. You only have to wait two years from the date of your original filing instead of eight before you can file again.
Filing a Chapter 13 After a Chapter 7
While you can file a Chapter 13 bankruptcy after a Chapter 7, this is a bit more difficult to do than the other types of second bankruptcies. You must wait a minimum of four years before filing for bankruptcy again. However, there’s a unique issue to be aware of if this is your case — if the court has not confirmed your Chapter 13 plan, you may be able to convert it to a Chapter 7. If you do this, you’ll have to follow the same guidelines for filing for a second Chapter 7.
Filing a Chapter 7 After a Chapter 13
If you filed a Chapter 13 first and wish to file a Chapter 7, you must wait six years before you can file. However, you may be able to file before this time frame is up if you paid 70% of your secured debts and all of your unsecured debts and can show that you made your best effort to complete your payment plan under your Chapter 13.
Contact a Tyler Bankruptcy Lawyer Today
Don’t wait to contact a Tyler bankruptcy lawyer if you begin falling into debt again after you’ve already filed for bankruptcy. It’s important that you take action now before things get out of hand and get help getting back on track financially. Attorney Howard Tagg is committed to your success and will provide you with sound, unbiased legal advice. Call now for a free consultation to discuss your financial needs and the possibility of filing for bankruptcy again at (903) 730-6366.