If you file for bankruptcy and go through with it how many years must you wait until you can file again?

Answer 1

One generally cannot file a Chapter until 6 years from the filing date of any previous Chapter 7 or Chapter 13 that received discharge. So, one usually has to wait 6 years after any previous case to file a Chapter 7, but can usually file a Chapter 13 anytime so long as no other case is pending. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.

Answer 2

Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.

Answer 3

We receive many questions on this topic and have compiled the commonly needed info in this one general answer:

It isn't a number of times..it's defined by type of BK and years in between.

It is a FEDERAL law (and a special FEDERAL court system exclusively for Bankruptcy), basically under the same rules everywhere, State lines being irrelevant to FEDERAL matters. (Some districts of this court allow special definitions for things in the case, basically to conform to the customs and laws of the area they generally hear cases in).

However, there are task forces that are looking for those people who, even within the allowed time frame, seem to file often...and they are looked at and may be denied protection if it appears they are abusing the process.

Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago.

The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.

NOTE THE ABOVE ARE DISCHARGE DATES

Many ask how the time frames can be shortened because they are in need. BK is always done by people in severe hardship...it really isn't for anyone else and until recently, was to be a once in a lifetime break. Hardship issues will not change the time required under the law.

CORPORATIONS: Frequently file under Chapter 11 - (a reorganization) - there are virtually no restraints to how many times or length of time between filings of this type, although the Court must agree that there is a benefit and possibility of a re-organization instead of a dissolution.

While a debtor must wait the times noted above, if the prior C-7 filing did not result in a discharge, but rather a dismismal (the difference in terms is important - dismissal basically means it wasn't completed for some reason), it can be re-filed only 180 days from the prior case's dismissal. When to file bankruptcy is an intricate and delicate matter that should only be determined after discussion with an experienced bankruptcy attorney and qualified financial advisor. There are many other factors to consider.

Answer 4

Assuming that you are referring to Chapter 7 bankruptcy, 8 years.

Usually 8 year to 10 years when filing like Chapter 7 bankrutpcy.

Answer 5

You can start a new business right away, although you might find it difficult to get financing until your case has been discharged or dismissed.