When you are facing bankruptcy, there will be hundreds of questions on your mind, our Chapter 13 Bankruptcy Attorney Irvine can help you deal with this situation that no one ever wants to go through.
If you have already filed for bankruptcy once before, you will be all too aware of the stress and anxiety it can cause. One question that many people ask is whether they can file for a second time. Going through the process one time is bad enough, but it happens that you could find yourself in a similar situation.
Although it isn’t something that you would want to do, there is technically no limit to the number of times that you can file for bankruptcy. However, there might be a time limit between the first and the second file.
When will I be able to do it?
If you are in a situation where you need to consider bankruptcy for a second time, you should know that there are several factors that determine when you can file again.
The type of bankruptcy you filed the first time around and the second time is probably the biggest limiting factor. Then you also need to take when you filed for bankruptcy the first time into account. Lastly, the state of your previous case also comes into play and whether it was discharged, dismissed or dismissed with prejudice.
The time limits that you are looking at vary according to these types of bankruptcy cases. If you wish to file successive Chapter 7 bankruptcies, you need to wait for a minimum of eight years between filings. If your first filing was Chapter 7 and the second filing was Chapter 13, then you are looking at a minimum of four years before you are eligible for discharge.
Successive Chapter 13 filings can be done two years apart from each other. However, it takes up to three years for a Chapter 13 filing to conclude. What this means is that you would be able to file for your second Chapter 13 case directly after the first one. It all depends on how much time had passed between filings.
Chapter 13 to Chapter 7 filings take a bit longer and you need to wait at least six years before you will be able to file for Chapter 7 bankruptcy. There are exceptions to the rule though. If you were able to pay off all your debt before the six-year period expired, then you will be able to file Chapter 7.
Also, if 70% of your unsecured debt has been paid and that your payment plan was still in good faith, you would also be allowed to file for Chapter 7 before the six-year period expired.
Who should you call?
If you are facing bankruptcy, there will undoubtedly be hundreds of questions on your mind. That is where we come in. To give you a bit of peace of mind, you can visit our offices in Orange County (Irvine) or Los Angeles County (Glendale or Van Nuys in the San Fernando Valley) or give us a call on (323) 426 8300, (949)565-4707 or (818) 574-1202 for a free consultation from our Chapter 13 Bankruptcy Irvine.