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Filing Bankruptcy More than Once


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TERMINOLOGY

When you have filed for bankruptcy, if you are unable to meet your financial obligations after the bankruptcy was discharged, there are circumstances where you will be able to file for another bankruptcy. Since you had to start over once before, the damage to your credit for a subsequent bankruptcy filing can have a long lasting effect on your ability to try and re-establish your credit for a second time.

Subsequent Bankruptcy Filing

If you have no other alternative, you can file for another bankruptcy in certain situations. You should try to avoid another filing by arranging a payment plan with your creditors, if they are agreeable. Many creditors may be willing to work with you instead of taking a total loss.

If you have filed a Chapter 7 bankruptcy, you are permitted to file under Chapter 7 again eight years after the initial bankruptcy was discharged. You can also file under Chapter 7 six years after the discharge of a previously filed Chapter 13 bankruptcy.

You can file under Chapter 13 after a four-year waiting period, if your previous bankruptcy was a Chapter 7, 11 or 12 bankruptcy that was discharged. You can also file under Chapter 13 two years after a prior Chapter 13 was discharged.