Generally speaking, you may file for bankruptcy as many times as you please throughout your lifetime. However, you may be required to wait a certain amount of time between each filing. Follow along to find out the acceptable amount of time you can file for bankruptcy and how a proficient Louisville, Kentucky consumer bankruptcy lawyer at Schwartz Bankruptcy Law Center can help you consider viable alternatives.
What is the acceptable amount of times I can file for Chapter 7 or Chapter 13 bankruptcy?
To reiterate, you may only file for subsequent bankruptcy if you have waited an acceptable amount of time to do so.
For one, if you wish to file back-to-back Chapter 7 bankruptcies, then you may have to wait at least eight years in between. And if jumping from a Chapter 7 bankruptcy to a Chapter 13 bankruptcy, you may have to wait at least four years. However, this time restraint may not exist if you do not expect to discharge debts in a Chapter 13 bankruptcy but rather wish to arrange a plan to manage your remaining debts. This is loosely referred to as a Chapter 20 bankruptcy.
On the other hand, if you wish to file back-to-back Chapter 13 bankruptcies, then you may have to wait at least six years in between. And if switching from a Chapter 13 bankruptcy to a Chapter 7 bankruptcy, you may have to wait at least two years.
What alternatives should I consider over a subsequent bankruptcy filing?
Though you are allowed to file for bankruptcy multiple times, it is not necessarily recommended to do so. This is because there are long-lasting effects a bankruptcy filing may have. For example, your Chapter 7 bankruptcy filing may remain on your credit report for 10 years, while your Chapter 13 bankruptcy filing may stay for seven years. So, you do not want to turn the clock back on these consequences, so to speak. Therefore, we strongly encourage you to consider these alternatives before jumping into a subsequent bankruptcy filing:
- You may want to consider filing an action against your creditors who are participating in harassing collection activities.
- You may want to consider renegotiating a repayment plan with your creditors so to pay off debt in smaller installments.
- You may want to consider renegotiating a repayment plan with your creditors for a lesser, more manageable amount of debt owed.
- You may want to consider claiming judgment proof against your creditors if you have no assets or income eligible for collection.
- You may want to consider seeking the assistance of a non-profit credit or debt counseling agency.
- You may want to consider seeking the legal assistance of an experienced bankruptcy lawyer.
Whenever you are ready, a talented Louisville, Kentucky consumer bankruptcy lawyer is here to provide legal assistance. So please schedule your initial consultation with us at Schwartz Bankruptcy Law Center today.
