How Often Can I File Bankruptcy? How Many Years Do I Have To Wait?


How often can I file bankruptcy?  How many years do I have to wait?

 

Chapter 7 and Chapter 13 bankruptcies are both protection from creditors granted to individuals or companies who legally file for bankruptcy.  A Chapter 7 bankruptcy is only 90-day from filing to discharge and you do not file a plan of repayment.  A Chapter 13 lasts from three to five year and provides for repayment of debts by a court-approved plan.

 

When you file either a Chapter 7 or a Chapter 13, you purpose is to discharge your debt.  There are time restrictions on when you are eligible for a discharge, if you have a previous filing.

 

If you have file a previous Chapter 7 and want to file another Chapter 7 you must wait eight years from your previous filing date to be able to file another chapter 7 and be eligible for a discharge. (example: chapter 7 file date of 2/1/2001.  This debtor would be eligible to file a chapter 7 again 2/2/2009)

 

If you have file a previous Chapter 13 and want to file another Chapter 13 you must wait two years from your previous filing date to be able to file another chapter 13 and be eligible for a discharge. (example: chapter 13 file date of 2/1/2001.  This debtor would be eligible to file a chapter 13 again 2/2/2003).  However because a chapter 13 usually takes 3-5 years to complete and receive a discharge, Debtors will generally be eligible after discharge.  It is when a case is dismissed and not completed that the calculation becomes most important.

 

If you have file a previous Chapter 13 and want to file a Chapter 7 you must wait six years from your previous chapter 13 filing date to be able to file a chapter 7 and be eligible for a discharge. (example: chapter 13 file date of 2/1/2001.  This debtor would be eligible to file a chapter 7 in 2/2/2007)

 

If you have file a previous Chapter 7 and want to file a Chapter 13 you must wait four years from your previous chapter 7 filing date to be able to file a chapter 13 and be eligible for a discharge. (example: chapter 7 file date of 2/1/2001.  This debtor would be eligible to file a chapter 13 in 2/2/2005)

 

By

Dawn R. Ravn

Written by Hoglund Law

The attorneys of Hoglund law are licensed in Minnesota, Wisconsin and Ohio. Hoglund, Chwialkowski & Mrozik, PLLC is based in Roseville, Minnesota. In addition to handling cases involving bankruptcy & social security, Hoglund, Chwialkowski & Mrozik, PLLC handles faulty drugs and toxic exposure.

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