Filing For Chapter 7 Bankruptcy Again: Limitations And Time Limits

Posted by on Nov 7, 2014 in Uncategorized

Filing for a Chapter 7 bankruptcy does not always cure all of your financial issues. In the period after your bankruptcy is complete, anything could happen and you wind up looking to file again. Before you can file for another bankruptcy though, there are some time restrictions and other limitations you have to take into consideration. 

Discharges

One of the benefits of filing for a Chapter 7 bankruptcy is that you can have a large share of your debts discharged. If you successfully had a discharge and need to file again, you might not be able to get another discharge for a period of time. 

There is an eight-year wait before you can receive another discharge in a Chapter 7 filing. Although you can technically file for another bankruptcy, you cannot receive the discharge until the eight years has expired. If the discharge was your main reason for filing, filing without this benefit does not make sense. 

Different Chapters

One idea that your bankruptcy attorney might float your way is filing for a Chapter 13 instead of another Chapter 7. If you file for a Chapter 13, your debts would be consolidated and you could pay them back over a three- to five-year period. If you are concerned with losing possession of your assets, such as your home and car, to a creditor, this might be the best option. 

A Chapter 13 filing does allow for the discharge of some of your debts, but there is a catch. You cannot get a discharge in a Chapter 13 if you have had a Chapter 7 discharge within the last four years. 

Denied Discharges

If you did file for a Chapter 7 and the judge either dismissed your petition or denied you a discharge, you have a few options for re-filing your petition.

After the judge dismisses your filing, you can wait 180 days and re-file. Dismissals can occur for a range of reasons including failing to turn in all required documents. Your attorney can help you with re-filing. 

On the other hand, if your discharged was flat out denied by the judge, you might not receive much relief from filing again. The debts that you listed in the first filing might still stand regardless of your current financial situation. 

Due to the complexities surrounding discharges and Chapter 7 filings, it is always best to talk to an experienced attorney about your financial situation. He or she can help you determine if filing again is in your best interests and help you file your petition. For more help, contact a company such as Brackett & Strunk LLC to learn more.

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