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For those facing overwhelming debt, filing bankruptcy can be a major relief. Not only does it provide you with a fresh financial start, but it also puts an end to creditor harassment and allows you to retain your property and assets.

Unfortunately, filing bankruptcy cannot protect you from future financial woes. If you have previously declared bankruptcy and are considering filing again, there is a good chance you can. However, eligibility in this regard likely hinges on your timing. Below are the limitations for receiving an additional bankruptcy discharge.

Time

Despite a debtor’s best efforts, sometimes a second or third bankruptcy cannot be helped. Fortunately, unless restricted by a bankruptcy court, there is no limit to the number of times you can file. How soon you can apply depends on several factors, including the type of bankruptcy you filed previously, the kind you’re planning to file, and whether your earlier filing resulted in a discharge.  

Case Types

filing bankruptcyIf you previously declared Chapter 7 bankruptcy, you must wait eight years before filing for Chapter 7 again. However, if you want to declare Chapter 13 following a Chapter 7 case — commonly known as a Chapter 20 — you need to wait only four years.

If you previously declared Chapter 13 bankruptcy, you must wait six years before filing for Chapter 7 — unless you paid off 100% of your allowed debts, in which case, there is no waiting period. However, if you want to claim Chapter 7 following a Chapter 13 case, you need to wait only two years to file.

Whether your previous bankruptcy was dismissed can also play a role in your eligibility. Discuss the case details with a bankruptcy lawyer to assess your available options regarding future filings.  

 

If you are considering filing bankruptcy in North Little Rock, AR, contact Pray Law Firm PA. Focusing on Chapter 7 and Chapter 13 bankruptcy cases, their attorneys have you covered for the personalized, compassionate, and professional bankruptcy help you need to enjoy the fresh financial start you’ve been dreaming of. Free consultations are available. Call (501) 771-7733 to schedule an appointment. You can also connect with them on Facebook.

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