In the course of your lifetime, there may be more than one time when you run into financial problems. Maybe you’ll have trouble with money at a young age and then lose your job when you’re older, too. Maybe a medical emergency wipes out your finances at one time, and then you struggle to get back on your feet and need additional help later.
It’s not unusual to see someone file for bankruptcy more than once in their lifetime, and there is technically no limit to the number of times you can file. There are waiting periods that apply, though, so you will need to wait between each filing.
How long do you have to wait to file a Chapter 7 bankruptcy?
If you want to file for Chapter 7 bankruptcy, you will need to at least eight years between Chapter 7 filings. Comparatively, The wait time between a Chapter 13 bankruptcy filing and a Chapter 7 filing is six years (or as soon as payment is made in full on the Chapter 13 repayment plan).
If you want to go with a Chapter 13 bankruptcy after a Chapter 7 bankruptcy, then you can opt to wait for four years. The shortest wait is for a Chapter 13 plan to another Chapter 13 plan. For that, you only need to wait two years.
These wait times are in place to help prevent people from manipulating or taking advantage of the bankruptcy system.
What if you want to change the kind of bankruptcy you’re using?
When your bankruptcy is already in process, you may be able to switch to a different form. For example, if you start with a Chapter 7 plan and believe you can actually complete a repayment plan instead, you may be able to switch to a Chapter 13 plan instead.
Bankruptcy can be a helpful way to get back on your feet and to make sure your finances are balanced. If you need help, don’t be afraid to ask for it. To learn more about how we can help with your questions about bankruptcy, please call our office today at 203-594-6655.