Can I File for Bankruptcy More Than Once? Call Joseph Wrobel Ltd

Information About Deciding Whether to File Bankruptcy More Than Once

Filing for bankruptcy is not an easy decision for anyone. It can affect one’s credit score, financial status, and emotional well-being. However, sometimes it may be the only option left for people who are struggling to pay off their debts. But what if they have already filed for bankruptcy in the past and need to file again? Can they do it? This article will explore the topic of filing for bankruptcy multiple times and answer some frequently asked questions related to it.

At Joseph Wrobel, Limited, Chicago’s Bankruptcy Law Firm, our goal is to educate and inform you about general bankruptcy law so you can determine if it makes sense to take advantage of the laws that give you a fresh financial start again, after bankruptcy to wipe out bad debts.

This article with general information about filing for bankruptcy, either Chapter 7 or Chapter 13. Of course, individual experiences and results vary with everyone’s financial statements and issues. You might not even need to file for bankruptcy protection more than once, but there are some situations where you can take advantage of the bankruptcy laws like the Automatic Stay, as you get your finances in order.

See Our Article: Examples of the Automatic Stay and How it Operates in Bankruptcy Law

Can I File for Bankruptcy More Than Once?

Yes, you can file for bankruptcy more than once, but there are certain rules and limitations. If you have previously filed for bankruptcy and received a discharge, you will need to wait for a certain period before filing again. The waiting period depends on the type of bankruptcy you previously filed.

If you filed for Chapter 7 bankruptcy and received a discharge, you will need to wait for eight years before you can file for Chapter 7 again. If you want to file for Chapter 13 bankruptcy after receiving a discharge in Chapter 7, you will need to wait for four years.

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If you previously filed for Chapter 13 bankruptcy and received a discharge, you will need to wait for two years before you can file for Chapter 13 again. If you want to file for Chapter 7 bankruptcy after receiving a discharge in Chapter 13, you will need to wait for six years.

It is important to note that these waiting periods are not set in stone, and there may be exceptions based on your specific circumstances. It is always best to consult with a bankruptcy attorney before filing for bankruptcy again.

What Are the Consequences of Filing for Bankruptcy Multiple Times?

Filing for bankruptcy multiple times can have several consequences, including:

Longer waiting periods: As mentioned earlier, you may need to wait for a longer period before filing for bankruptcy again if you have already filed and received a discharge.
Difficulty in obtaining credit: Multiple bankruptcies on your credit report can make it difficult to obtain credit in the future.
Higher interest rates: If you can obtain credit after filing for bankruptcy, you may have to pay higher interest rates due to your credit history.
Loss of property: Depending on the type of bankruptcy you file, you may have to surrender some of your property to pay off your debts. This can be a difficult process, especially if you have already lost property in a previous bankruptcy.
Emotional stress: Filing for bankruptcy can be emotionally draining, and having to do it multiple times can make the process even more difficult.

FAQs About Multiple Bankruptcy Filings – For Specific Information and Advice, Contact Joseph Wrobel, Limited for a Free Consultation Putting You in the Driver’s Seat to Decide About Filing Bankruptcy

Can I File for Bankruptcy More Than Once in the Same Year?

No, you cannot file for bankruptcy more than once in the same year. There needs to be a certain period between filings, as mentioned earlier.

Will My Bankruptcy be Dismissed if I File Too Soon After My Previous Bankruptcy?

Yes, if you file for bankruptcy too soon after your previous filing, your case may be dismissed. This is why it is important to wait for the required waiting period before filing again.