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Filing For Bankruptcy The Second Time: What You Should Know

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For various reasons and under different circumstances, a person or a small business may need to file for bankruptcy a second time. The need to file for bankruptcy a second time might occur in an individual’s life due to unexpected medical expenses, for example, or an unexpected loss of a job. When sole proprietorships exist for a long period of time, a second bankruptcy may be on the horizon due to economic downturn or other related matters. If you are planning to file for bankruptcy a second time, there are some key issues you should keep in mind. Our West Palm Beach bankruptcy attorneys can provide you with more information.

What to Know When You Are Filing for the Same Type of Bankruptcy a Second Time

 Some parties will want to file for the same type of bankruptcy a second time. For example, if you filed for Chapter 7 bankruptcy previously, you might be planning to file for Chapter 7 bankruptcy a second time. Or, if you filed for Chapter 13 bankruptcy previously, you might be planning to file for Chapter 13 bankruptcy a second time. In either circumstance, you will need to wait for a specific amount of time, but that amount of time will depend on the type of bankruptcy.

To file for Chapter 7 bankruptcy a second time, you must wait for a period of eight years from the date you previously filed for Chapter 7 bankruptcy, assuming you received a discharge in the first case. To file for Chapter 13 bankruptcy a second time, you will only need to wait two years, assuming you received a discharge in your previous case.

Considerations When You Are Filing for a Different Type of Bankruptcy the Second Time 

If you plan to file for bankruptcy a second time but under a different chapter than your first bankruptcy case, the waiting period will vary. If you previously filed for Chapter 13 bankruptcy and received a discharge, your waiting period will be six years if you now want to file for Chapter 7 bankruptcy. If you previously filed for Chapter 7 bankruptcy and received a discharge, and you now want to file for Chapter 13 bankruptcy, you will need to wait four years.

Waiting Period Only Applies to Bankruptcy Cases with Discharges 

As you might have understood from the above information, the waiting period for a second bankruptcy only applies if you received a discharge in your first bankruptcy case. If the first case was dismissed for any reason, then you will not need to worry about a waiting period. Under most circumstances, you will be able to file for bankruptcy a second time as soon as you need to do so, but you should have a bankruptcy lawyer assess your case.

Contact 

If you need assistance filing for bankruptcy a second time, you should get in touch with one of the experienced West Palm Beach bankruptcy attorneys at Kelley, Fulton, Kaplan & Eller. Our firm can help you with a wide range of bankruptcy law matters, and we can answer any questions you have before you file.

Sources:

law.cornell.edu/uscode/text/11

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