When Can I File Bankruptcy Again?

Most of our clients tell us that they will never file bankruptcy again; however, you never know when you may need the help of the bankruptcy court again. Unfortunately, some individuals experience another financial crisis after they have worked so hard to rebuild their finances after their first bankruptcy. A lost job, divorce, death of a spouse or a traumatic medical emergency can easily create a financial situation that is difficult to overcome without filing bankruptcy again.

For example, if a couple filed bankruptcy ten years ago but last month the husband had a heart attack and cannot return to work, they may find themselves in a situation where they are unable to pay their bills. They had done everything right after their first bankruptcy. They used credit wisely, managed their finances and lived within a budget but without the husband’s income, they just cannot make ends meet. They need the help of the bankruptcy court again in order to solve their debt problems so that they can rebuild their lives again after a financial crisis.

How Often Can I File Bankruptcy?

There is no law stating that you cannot file bankruptcy more than one time; however, there are time limits on when you can obtain another bankruptcy discharge. When you file bankruptcy, the goal is to receive a bankruptcy discharge. Therefore, even though you may file bankruptcy again, if you file bankruptcy before the time limits provided in the Bankruptcy Code, you will not receive a bankruptcy discharge. In other words, you will continue to owe all of the debts.

Filing a Chapter 7 after a previous Chapter 7 – You must wait eight years from the date of filing of the previous Chapter 7 in order to file a new case and be eligible for a discharge.

Filing a Chapter 13 after a previous Chapter 7 – To receive a discharge, you must wait four years from the date of filing of the Chapter 7 to file your new Chapter 13 case.

Filing a Chapter 13 after a previous Chapter 13 – You must wait at least two years from the date of filing of the previous Chapter 13 before you file another case to receive your discharge. This is seldom an issue as the term of most Chapter 13 plans is between three and five years.

Filing a Chapter 7 after a previous Chapter 13 – You must wait six years from the date of filing of the Chapter 13 case in order to be eligible to receive a discharge in a subsequent Chapter 7 case.

Experienced Bankruptcy Attorneys Serving Kentucky Families Since 1982

The bankruptcy lawyers at Musselwhite Meinhart & Staples have been helping individuals just like you since 1982. Our attorneys understand the stress and frustration that you are experiencing as you struggle with debt problems. We can help you find an affordable solution to your financial problems so that you can have a fresh start.

Call our office at 270-351-6032 or to schedule a free consultation with one of our Radcliff and Elizabethtown or Louisville bankruptcy attorneys. If you prefer, you can send a secure message through our online contact form and one of our helpful staff members will contact you to answer your bankruptcy questions. We have offices in Radcliff and Elizabethtown and Louisville for your convenience.