Although many people only file for bankruptcy once, it is possible to file multiple times. However, you cannot always do so right away. There is a waiting period that must be observed before a subsequent filing.
Exactly how long you have to wait will depend on the type of bankruptcy you filed the first time. Your original chapter filing and your new chapter filing have to be considered together.
Chapter 7 bankruptcy
First and foremost, perhaps your original filing was for Chapter 7 bankruptcy, otherwise known as liquidation bankruptcy. You had to liquidate non-exempt assets and pay back what you could to creditors before having the rest of the debt discharged.
If your new filing will also be for Chapter 7 bankruptcy, then you have to wait a full eight years. But if the new filing will be for Chapter 13, then you only have to wait four years.
Chapter 13 bankruptcy
On the other hand, perhaps your initial filing was a Chapter 13 bankruptcy, which reorganizes your debt into a repayment plan. You do not have to liquidate assets to pay back creditors, but instead do so over time.
If you want to file for Chapter 13 bankruptcy again, then you only have to wait two years to do so. But if you would like to file for Chapter 7 bankruptcy the second time, then you may have to wait up to six years.
Considering your bankruptcy options
Whether you are filing for the first time or looking into filing again, it is crucial that you understand exactly what bankruptcy options you have. It can help to work with an experienced attorney to determine your eligibility.