Understanding Your Rights If Have Previously Filed for Bankruptcy
With the looming debt crisis in the United States, more people are looking for options to achieve financial freedom. Bankruptcy may be a viable option to help you get out of crushing debt and achieve a stable financial future. However, few people understand the rules of bankruptcy including how often you can file.
At Debt Doctors of Missouri, we solely handle bankruptcy claims, so we know the law. We have extensive experience resolving even the most complex cases. We understand how stressful and frustrating it can be to have bills that you cannot pay and obligations that you cannot meet. Our team is here to help you understand your rights and determine whether bankruptcy is the best legal option moving forward.
If you are considering filing for bankruptcy in Missouri, contact our office at (417) 466-3328 to schedule a free consultation.
How Many Times Can I File for Bankruptcy?
There is no limit to the number of times that you can file for bankruptcy throughout your lifetime. However, there is generally a waiting period after one bankruptcy case has been resolved before you are eligible to file a new claim.
The laws regarding filing a second or subsequent bankruptcy are complex and best explained by an experienced bankruptcy attorney. It is in your best interest to speak directly with a bankruptcy professional before you plan on filing.
How Long Do I Have to Wait Before Filing for Another Bankruptcy?
The amount of time you must wait before filing a subsequent bankruptcy petition depends on several factors including the type of bankruptcy you previously filed (i.e. Chapter 7, Chapter 11, Chapter 13, etc) and the type of bankruptcy you plan to file.
It is important to note that if your bankruptcy case was dismissed prior to your debts being discharged, you likely will not have to wait to file a new bankruptcy claim. In some cases, however, even if your case was dismissed you may have to wait 180 days before filing a new petition. It is essential to follow all court orders including showing up at mandatory hearings to save yourself time and money.
What Are the Waiting Periods If I Previously Filed a Chapter 7 Bankruptcy?
If you filed for Chapter 7 bankruptcy and your debts were discharged you must generally wait for eight (8) years from the date you previously filed to start a new Chapter 7 bankruptcy proceeding. This is also true if you previously filed a Chapter 11 bankruptcy and are seeking to file a Chapter 7 bankruptcy.
If you are seeking to file a Chapter 13 bankruptcy after filing a Chapter 7 bankruptcy the typical wait period is four (4) years, according to Forbes. Again, it is imperative to discuss your rights and responsibilities with an attorney if you are seeking to file a second or subsequent bankruptcy petition.
What Are the Waiting Periods If I Previously Filed a Chapter 13 Bankruptcy?
If you previously filed a Chapter 13 bankruptcy and are seeking to file another Chapter 13 bankruptcy claim, the typical waiting period is two (2) years.
If you are seeking to file a Chapter 7 bankruptcy after a Chapter 13 bankruptcy the waiting time may be up to six (6) years. There are some instances where there is no required waiting period between a Chapter 13 and Chapter 7 bankruptcy, including if all of the “creditors’ claims were paid.”
Considering Filing for Bankruptcy? Contact Our Office.
If you are considering filing for bankruptcy in Missouri, contact our office to speak directly with a member of our legal team. Call us today at (417) 466-3328 to schedule a free consultation