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HOW OFTEN CAN YOU FILE FOR BANKRUPTCY?

We are often asked by clients who have previously filed for bankruptcy (and are having financial problems again) how long they must wait to file for bankruptcy again to receive a discharge of the client’s debts.

Here are some general rules:

If you need to file a Chapter 7 Bankruptcy: You cannot receive a discharge in a new Chapter 7 Bankruptcy if you received a discharge in a prior Chapter 7 Bankruptcy filed within eight (8) years of the filing date of the new Chapter 7 Bankruptcy. If the prior filing was a Chapter 13 Bankruptcy, the prior Chapter 13 Bankruptcy must be reviewed to determine how long you must wait to file a Chapter 7 Bankruptcy.

If you need to file a Chapter 13 Bankruptcy: You cannot receive a discharge in a new Chapter 13 Bankruptcy if you received a discharge in a prior Chapter 7 Bankruptcy filed within four (4) years of the filing date of the new Chapter 13 Bankruptcy; or received a discharge in a prior Chapter 13 Bankruptcy filed within two (2) years of the filing date of the new Chapter 13 Bankruptcy.

I know this sounds complicated. The attorneys at Bailey & Gunderson with offices in Norwood, Western Hills and Anderson Township can explain how these rules apply to you. Please give us a call at 631-0022 if you should have any questions.

 

How Often Can You File Bankruptcy