Thursday, May 23, 2019

Can I File for Bankruptcy…Again?

You made the tough decision in the past to file for bankruptcy, but now you find yourself in the same or similar situation once again. The question on the minds of anyone who finds themselves in this situation is whether or not you can do it once again. Can someone who has filed for bankruptcy before do it for a second time? The basic answer: yes. 

If you have filed for bankruptcy in the past and find yourself in the same difficult position once again, you can in fact file bankruptcy twice. Actually, there is no limit to how many times you may do so. The limit comes from the amount of time between when you are allowed to file again. 

Filing for Bankruptcy Multiple Times

The minimum time that you must wait in between filing depends upon the type of bankruptcy itself.

If you have previously filed Chapter 7 and are filing for Chapter 7 again, you must wait at least eight years in between filing. 

If you have previously filed Chapter 7 but are now filing for Chapter 13, you must wait at least four years in between filing.

If you have previously filed Chapter 13 and are filing for Chapter 13 again, you must wait at least two years in between filing. (Since Chapter 13 bankruptcies tend to take anywhere from three to five years to conclude, you may actually be eligible to file again right after the first has finished.

If you have previously filed Chapter 13 and are filing for Chapter 7, you must wait at least six years in between filing. However, there are a couple of exceptions to this rule. You are not obligated to wait six years if:

  • You have already paid off your debts from the initial Chapter 13 filing; or
  • You have already paid 70 percent of any unsecured debts, and your plan was in good faith. 

Previous Bankruptcy Cases Dismissed with Prejudice

If your previous filing for bankruptcy ended through dismissal with prejudice, you may face extra hurdles and restrictions when it comes to filing for a second time. There are a few reasons as to why your previous case may have been dismissed with prejudice. Such reasons include:

  • You hid assets
  • Once your creditor motioned for relief from the automatic stay, you dismissed your claim
  • You disobeyed court orders
  • You delayed creditors

Dependant upon your previous behavior and the underlying reasons for previous dismissal with prejudice, a judge has the discretion to bar you from filing again if he or she finds that your behavior was an abuse of the system. 

Miami Valley Bankruptcy Helps Those Who Are Filing Bankruptcy – Whether or Not It’s the First Time

Dealing with the ramifications of not having enough money can be very stressful, but facing bankruptcy can be even harder. Whether or not you have filed for bankruptcy before, the process can prove quite complicated. That is why it is so important to consult with a knowledgeable and experienced Ohio bankruptcy attorney. At Miami Valley Bankruptcy, we can help you to navigate the process. To learn more or to schedule a free consultation, visit us online or call us at 937-262-4789 today!

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Miami Valley Bankruptcy, Brian Lusardi, Esq., assists clients with Bankruptcy matters including but not limited to: Common Myths, Cost of Bankruptcy, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, The New Bankruptcy Law and Personal Bankruptcy in Xenia, Ohio, and the cities of: Wilberforce, Alpha, Spring Valley, Dayton, Bellbrook, Yellow Springs, Cedarville, Fairborn and Clifton; and the counties of Greene and Montgomery.

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