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Would I Be Able to File for Bankruptcy More than Once?

Having a large amount of debt, without the financial means to pay it off in a reasonable amount of time, can be extremely stressful to both an individual and his or her family. Individuals can alleviate their money-related stresses, discharge or eliminate their debts, obtain a clean financial slate and get a fresh start on life by filing for bankruptcy.

If you have already been able to take advantage of the benefits afforded you through the bankruptcy process, yet you have found yourself in the position of needing debt relief once again, you may be wondering if you are eligible to file for bankruptcy twice. The type of bankruptcy you filed before will have a direct impact on both the type of bankruptcy protection you may be eligible to seek and whether or not you will be able to file once again.

The basic rules for a second bankruptcy filing are as follows:

  • If you filed Chapter 7, you will have to wait 8 years before filing Chapter 7 again.
  • If you filed Chapter 7, you can opt to file for Chapter 13 after 4 years.
  • If you filed Chapter 13, you may be eligible to file Chapter 13 again after 2 years.
  • If you filed Chapter 13, you can file for a Chapter 7 bankruptcy after 6 years.

In this type of situation, we strongly advise you secure legal counsel from a skilled bankruptcy attorney from our firm before you move forward to submit your bankruptcy petition. Any error in paperwork or misfiling could result in your petition being denied and you being unable to obtain the relief you need, regardless of your existing financial situation. Our attorneys will not only be able to review your current situation and advise you of the bankruptcy options available to you, but we may be able to help you avoid bankruptcy by taking advantage of one of the alternatives to bankruptcy. Call Jackson & Oglesby Law LLC today to find out what our firm may be able to do for you.