Your bankruptcy case may have worked wonders for your given financial situation. But in the years following, you may unfortunately find yourself back at square one and considering the aid of the bankruptcy system once again. However, you may have to confirm that enough time has passed since your previous bankruptcy filing before proceeding with your next one. With that being said, follow along to find out how long you have to wait to file for bankruptcy again and how a proficient Louisville, Kentucky consumer bankruptcy lawyer at Schwartz Bankruptcy Law Center can help determine whether this is the best course of action.

How long do I have to wait to file for bankruptcy again?

The established waiting period between your initial bankruptcy and your subsequent one may depend on the type you filed and are looking to file. More specific scenarios for this are as follows:

  • If you filed for Chapter 7 bankruptcy and want to file for it again: you may have to wait eight years, starting from the initial filing date.
  • If you filed for Chapter 13 bankruptcy and want to file for it again: you may have to wait two years, if your initial case lasted less than two years.
  • If you filed for Chapter 7 bankruptcy and want to file for Chapter 13 next: you may have to wait four years in between, or else you may be ineligible for a discharge.
  • If you filed for Chapter 13 bankruptcy and want to file for Chapter 7 next: you may have to wait six years, if your initial unsecured creditors received less than 70 percent of their claims.

In the above scenarios, you must assume that your initial bankruptcy case was completed and discharged. That is, you may have an extended waiting period, or even be permanently barred from filing again, if the Kentucky bankruptcy court ordered the dismissal of your initial case with prejudice.

What can I do to get financial relief during this waiting period?

Understandably, you may be anxious about enduring a long waiting period before you can gain financial relief through bankruptcy again. However, there are initiatives you may take in the meantime. And after taking these initiatives, you may realize that undergoing the extensive and draining legal process of bankruptcy all over again is unnecessary.

For example, you may take it upon yourself to negotiate with your creditors and create a debt settlement plan. Or, you may consider taking out a consolidation loan. Lastly, your answer to financial alleviation may be as simple as reworking your monthly budgeting plan.

Contact a talented Louisville, Kentucky consumer bankruptcy lawyer to gain the emotional and legal support you require during this pivotal time. Our team at Schwartz Bankruptcy Law Center looks forward to helping you.