You may have had overwhelming debt from medical bills, credit card debt, late fees or other financial difficulties. When you filed Chapter 7 or Chapter 13 bankruptcy, it likely helped you resolve your debt obligations. It took several years and it affected your credit card score, but it helped you recover financially.
If you faced new financial hardships, you could file for bankruptcy again. There is no exact limit to how many times you can file for bankruptcy in a lifetime. However, you may have to wait between successful bankruptcy filings before your debts are resolved again. Here’s what you should know:
How long does it take to file for bankruptcy?
When you filed your first successful bankruptcy, you likely didn’t need to wait to begin the process. However, there are certain parameters before people can file for bankruptcy a second or third time. Filers must wait several years to file bankruptcy again. The number of years depends on which kind of bankruptcy someone is filing for. Here’s how long you will have to wait:
- Chapter 7 bankruptcy filing after a Chapter 7 filing requires 8 years to pass
- Chapter 13 bankruptcy filing after a Chapter 7 filing requires 6 years to pass
- Chapter 7 bankruptcy filing after a Chapter 13 filing requires 4 years to pass
- Chapter 13 bankruptcy filing after a Chapter 13 filing requires 2 years to pass
This system is to prevent people from abusing the process. The wait time will begin again after a new successful filing. To learn more about your bankruptcy options, it can help to reach out for legal help.