Filing Bankruptcy More than Once
Millions of consumers and small business owners in the U.S. struggle with insurmountable debt and are desperately looking for a way to relieve their debt burden. Many of these people may have already declared bankruptcy in the past and see filing bankruptcy a second or subsequent time as a last resort, when in fact, declaring bankruptcy again may be their best solution for long-term debt relief. If you are considering a repeat bankruptcy filing, our seasoned bankruptcy attorneys at Wright Law Offices can help.
When you choose our firm, our knowledgeable attorneys will review your bankruptcy options with you and ensure that you understand how filing bankruptcy more than once can help you achieve lasting relief from overwhelming debt.
Bankruptcy as a Debt Relief Tool
There is a great deal of unnecessary confusion surrounding bankruptcy and debt relief measures in this country. For instance, many people are surprised to learn that they can file for bankruptcy more than once. In fact, there is no limit to how many times you can declare bankruptcy. There are, however, restrictions on the number of times you can have your debts discharged in bankruptcy.
Understanding the finer points of a repeat bankruptcy filing is critical if you want to get the most out of your bankruptcy case, which is why we always recommend enlisting the help of a reputable Arizona bankruptcy attorney. A good bankruptcy attorney can explain the ins and outs of filing bankruptcy more than once, ensuring that you understand the time constraints for a repeat bankruptcy filing, how to determine whether you can re-file your bankruptcy case following a dismissal, and how filing for bankruptcy can help even if your debts cannot be discharged.
When Can You File for Bankruptcy Again?
The main point to consider when filing bankruptcy more than once is how soon after a previous bankruptcy filing you are permitted to file again. Generally speaking, the amount of time you are required to wait between bankruptcy cases depends on the type of bankruptcy you choose.
The two main types of bankruptcy in Arizona are Chapter 7 and Chapter 13, both of which traditionally apply to consumers struggling with personal debts they can’t afford to pay. There is also Chapter 11 bankruptcy, or business reorganization bankruptcy, which may be a good debt relief option for small business owners who are in debt.
If you have specific questions about your own debt relief options, especially as they pertain to filing bankruptcy more than once, consult our experienced bankruptcy attorneys at Wright Law Offices as soon as possible. Our qualified bankruptcy attorneys can walk you through the process of filing for bankruptcy a second or subsequent time.
Filing for Chapter 7 Bankruptcy More than Once
If your debts are discharged under Chapter 7 of the U.S. Bankruptcy Code, you will have to wait eight years before filing another Chapter 7 bankruptcy case.
Filing for Chapter 13 Bankruptcy More than Once
If your debts are discharged in a Chapter 13 bankruptcy case, you are eligible for another Chapter 13 discharge two years from the date you filed the initial Chapter 13 case.
Filing for Chapter 7 Bankruptcy and then Chapter 13
If you receive a discharge in a Chapter 7 bankruptcy case, you won’t qualify for a Chapter 13 discharge until four years after the date you filed the initial Chapter 7 case.
Filing Chapter 13 and then filing for Chapter 7 Bankruptcy
If you receive a discharge under Chapter 13 of the U.S. Bankruptcy Code, you cannot have your debts discharged in a subsequent Chapter 7 bankruptcy case until six years after the date you filed the Chapter 13 case.
There are certain exceptions to these rules and other factors to consider, which is why we always recommend speaking to a reputable bankruptcy attorney about your specific situation. With the help of a knowledgeable bankruptcy attorney, you can ensure that you understand the pros and cons of filing bankruptcy more than once.
Is Bankruptcy Right for Me?
Bankruptcy laws in the U.S. were written to give debtors a second chance when their financial situation has become unmanageable and they are struggling with overwhelming debt. However, misconceptions and false stereotypes concerning bankruptcy are abundant.
For instance, some people see filing for bankruptcy as cheating or taking the easy way out. On the contrary, bankruptcy was always meant to be used as a tool for debtors to put an end to their financial troubles. In 1934, the Supreme Court said that bankruptcy “gives to the honest but unfortunate debtor a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt.” Declaring bankruptcy is a legitimate option for debtors want to get their life back on track and benefit from a fresh financial start.
Choose Wright Law Offices for Your Personal or Business Bankruptcy
If you are considering a repeat bankruptcy filing, contact our seasoned bankruptcy attorneys at Wright Law Offices today to learn more about how declaring bankruptcy can benefit you. Our attorneys have helped consumers and small business owners reclaim their lives through bankruptcy and will work closely with you to reduce or eliminate your debt, maximize your exemptions, and put a stop to creditor harassment. Contact our law offices today to discuss your bankruptcy and debt relief options with an experienced Arizona bankruptcy attorney.