Filing for bankruptcy the first time can be a nerve-wracking and harrowing experience that you’d rather not repeat. However, it may not be possible to achieve your financial goals and get the fresh start you need with a single bankruptcy filing. Here’s what you should know about declaring bankruptcy more than once.
Filing Multiple Chapter 7 Bankruptcies
If you filed a Chapter 7 bankruptcy initially and want to file another Chapter 7, you won’t be able to do so for eight years from the filing date of your first case. It may be an option for you to declare a different kind of bankruptcy during those eight years, however, you will still owe all your debts. None of what you owe can be discharged in a second bankruptcy until the 8-year mark has passed.
Filing Multiple Chapter 13 Bankruptcies
Filing a second Chapter 13 bankruptcy requires only a two year waiting period after the first case was initially submitted to the court, compared to a full eight-year waiting period with a Chapter 7 bankruptcy case. If you’ve completed the repayment plan of your first bankruptcy prior to filing the second, this is ideal. If you haven’t, you may be able to request that the court combine repayment plans so you can make a single payment to the court.
Filing the Other Chapter of Bankruptcy
There is a waiting period between filing for a different kind of bankruptcy than the one you first filed, but the length is determined by the type of bankruptcy in your original claim. If you decided to file for a Chapter 13 bankruptcy and then want to go on to file for a Chapter 7, the waiting period is six years from the initial filing date. If you successfully filed Chapter 7 initially, you are only required to wait four years from the initial filing date to submit a Chapter 13 claim.
Facing Bankruptcy Again? Get Legal Help Now
Whether you’re filing for bankruptcy in Texas for the first or second time, it’s critical that you have zealous legal advocacy throughout your case. Sims Bankruptcy Law, PLLC understands the unique challenges faced by clients declaring bankruptcy a second time and can assist you with the complex process of deciding which type of bankruptcy you should file. We’ll also help you throughout the entire case. Contact us today for an appointment at 469-751-7467 (DFW) or 254-304-7161 (Central Texas).