Sometimes difficult financial situations can hit you more than once in your lifetime. Perhaps you initially turned to bankruptcy to help get you back on your financial feet, only to find yourself facing financial crisis later in life. Because life can be unpredictable and financial troubles can return, you may be asking yourself, “Can I file for bankruptcy again?” The answer to this question is yes, but timing does matter.
Filing for Bankruptcy a Second Time
Even if you have filed for bankruptcy before, bankruptcy continues to be an option it you are faced with a serious financial situation a second time. However, it does require time to pass before your debts can be discharged a second time. How long it takes depends on which type of bankruptcy you filed and which type of bankruptcy you plan to file the second time.
Below are the breakdowns of the time limits required to receive a second discharge through bankruptcy:
- Chapter 7 Bankruptcy: If you filed and received a discharge for a Chapter 7 bankruptcy, you must wait at least 8 years before you can file and receive another Chapter 7 bankruptcy discharge. If you are looking into filing a Chapter 13 bankruptcy, you must wait at least 4 years after a Chapter 7 discharge before filing for your Chapter 13 bankruptcy.
- Chapter 13 Bankruptcy: Different time limits exist if you filed and received a discharge in a Chapter 13 bankruptcy on your first time filing for bankruptcy. If you plan to file for a Chapter 7 bankruptcy, it is important to know that you cannot receive a discharge in that bankruptcy if you have filed for a Chapter 13 bankruptcy in the last six years. If you would like to file for a second Chapter 13 bankruptcy, at least 2 years must pass since the filing of your first bankruptcy.
Understanding these time limits and the implications behind filing for bankruptcy a second time can be complicated. If you have already completed a bankruptcy but are looking into the option a second time, it is important to talk to a skilled Atlanta bankruptcy attorney who understands the entire process and how your ability to file for a second bankruptcy may be limited by the timing of your first bankruptcy.
Get Bankruptcy Advice Today
For many people, financial difficulties can return even after filing for bankruptcy. Although bankruptcy can be a big help to your finances, because of tough breaks or unexpected life events it’s possible to need that help more than once if financial struggles return.
If you are facing this situation, contact the experienced Atlanta bankruptcy attorneys at The Ballard Law Group. We understand that it doesn’t matter how you got into debt or if you are facing a subsequent financial crisis after bankruptcy, but what matters is getting you back on your feet financially as soon as possible. We offer a free bankruptcy consultation where we can talk about your personal situation and how the bankruptcy rules may impact a second bankruptcy filing in your particular case. You can reach us to schedule your consultation by calling our office at 404-220-9906, contacting us online, or chatting with one of our representatives now.