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How many times can you file for bankruptcy?

On Behalf of | Jul 18, 2022 | Bankruptcy

There are many ways people build up debt: car loans, student loans, credit card purchases, unexpected expenses, medical bills, etc. When people put on more debt than they can afford, often people look for alternative means to pay it off.

People have many options when eliminating debt (with the possible exception of student loans) they can’t pay – two such options are Chapter 7 bankruptcy and Chapter 13 bankruptcy. Chapter 7 bankruptcy intends to liquidate assets to pay off debt, leaving behind a credit report for 10 years. Chapter 13 bankruptcy, on the other hand, reorganizes how you pay off your debt.

People often put off filing for bankruptcy until the last minute because they’re afraid they only have this one chance, but there’s more you should know.

You can file for bankruptcy as many times as you need

People frequently confuse how often they can file and how many times they can file for bankruptcy – which are two different topcs. You could file for bankruptcy as many times as you want –  although you’ll have to go through a waiting period before you file again that varies according to the type of bankruptcy you filed last.

If you plan on filing for Chapter 7 bankruptcy and have to file for Chapter 7 bankruptcy again, then you would have to wait eight years. While a Chapter 13 bankruptcy to a Chapter 13 bankruptcy only has a two-year waiting span. The waiting span alters depending on if you file a Chapter 7 after a Chapter 13, or vice versa. 

You shouldn’t have to hold off from filing for bankruptcy because you worry this is your only chance – or because you’ve filed before. Experienced legal guidance can help answer your questions and ease your decision toward bankruptcy. 

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