When Can I File Bankruptcy Again?
Filing bankruptcy is something that no one imagines they will need to do during their lifetime much less file bankruptcy again. However, filing bankruptcy again is a reality for many people as they struggle to repay debts without sufficient income. Life is never certain and we all face a financial crisis at some point during our life. From losing your job to filing for divorce or having a medical emergency, you can experience a financial crisis at any moment. Unfortunately, for some, they experience more than one financial crisis that requires them to file bankruptcy again.
Several Things You Should Know Before You File Bankruptcy Again
Nothing in the Bankruptcy Code prevents you from filing a bankruptcy case immediately after your current bankruptcy case is closed. However, you may not receive a bankruptcy discharge if you file bankruptcy again within a certain period of time. However, the Bankruptcy Code does permit you to file bankruptcy again and receive a discharge provided you wait the statutory time limits between bankruptcy filings. If you file a new bankruptcy before the time prescribed by law expires, you will not be eligible for a discharge.
Filing Chapter 7 Again
If you file a Chapter 7 bankruptcy case, you must wait eight years from the date of your previous bankruptcy case to file a new Chapter 7 case in order to receive a bankruptcy discharge. On the other hand, if you are filing a Chapter 13 after a Chapter 7, you only need to wait four years from the filing date of the previous Chapter 7 to file a new Chapter 13 and be eligible for a bankruptcy discharge.
Filing Chapter 13 Again
If you want to file another Chapter 13 bankruptcy case, you must wait two years from the filing date of the previous Chapter 13 to file a new case and be eligible for another bankruptcy discharge. However, if you want to file a Chapter 7 case after a Chapter 13 case, you must wait six years to file the Chapter 7 case to be considered for a discharge. There may be an exception to the six-year rule for a Chapter 7 case following a Chapter 13 case if you paid your unsecured creditors a certain percentage through your Chapter 13 plan. You need to consult with an experienced bankruptcy attorney to determine if you qualify to file a Chapter 7 case and receive a discharge in less than six years.
Contact an Experienced Louisville Bankruptcy Attorney
We’ve Helped Thousands of KY Families, we can help you!
The bankruptcy attorneys of Musselwhite Meinhart & Staples, PSC have over 50 years of combined legal experience. If you are struggling to pay your bills, we can help you. We represent clients throughout Central Kentucky.
Contact us at our Radcliff and Elizabethtown Office in Hardin County at (270) 351-6032 or toll-free at 1-800-754-HELP to schedule a free consultation with one of our Kentucky bankruptcy attorneys. You may also contact our office through our convenient online contact form.