Table of Contents
- Chapter 7 Bankruptcy
- Chapter 13 Bankruptcy
- Filing Bankruptcy Twice
- Filing Bankruptcy More than Three Times
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the most common form of bankruptcy that is filed in the United States. It is a form of liquidation bankruptcy that discharges all of the debtors’ eligible obligations. In order to successfully file a Chapter 7 bankruptcy, the individual must meet certain eligibility requirements. Generally, the filer must not have previously filed for bankruptcy within a certain period of time, typically eight years.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is a form of reorganization bankruptcy that allows the debtor to make payments to creditors over a three to five year period. During this period, the debtor must make payments to creditors as outlined in the plan. Chapter 13 bankruptcy also has a waiting period before it can be filed. Generally, the waiting period is six years.
Filing Bankruptcy Twice
In most cases, a debtor can file for bankruptcy twice. The waiting period between filings depends on which type of bankruptcy the individual is filing for. The waiting period for filing for Chapter 7 bankruptcy the second time is usually eight years from the date the first petition was filed. The waiting period for filing for Chapter 13 bankruptcy the second time is usually six years from the date the first petition was filed.
Filing Bankruptcy More than Three Times
In most cases, a debtor cannot file for bankruptcy more than three times. The waiting period between filings depends on which type of bankruptcy the individual is filing for. The waiting period for filing for Chapter 7 bankruptcy the third time is usually eight years from the date the first petition was filed. The waiting period for filing for Chapter 13 bankruptcy the third time is usually six years from the date the first petition was filed.
In rare cases, a debtor may be able to file for bankruptcy more than three times. These cases are usually very complex, and such filings require the assistance of an experienced bankruptcy attorney. If a debtor is considering filing for bankruptcy more than three times, it is important for them to consult with a qualified attorney to ensure the filing meets all legal requirements.