If you filed bankruptcy in the past and you fell on hard times, you may be wondering if and when you can file bankruptcy again. Is it possible? Yes, but it all has to do with timing. Technically, you're not bound to a specific timeframe for filing bankruptcy, but there's a catch.

If your debts are discharged on a previous bankruptcy case and soon after you file again, you would not be allowed to discharge the debts in your second bankruptcy. So, filing for bankruptcy too soon would be a waste of your time.

If you're eager to file a second or subsequent bankruptcy, you'll want to familiarize yourself with the time frames that apply to multiple bankruptcy discharges.

Filing a Second Chapter 7 Bankruptcy

If you are looking to file a second Chapter 7 bankruptcy, the courts will not give you a second discharge until eight (8) years has passed since your first Chapter 7 discharge. In other words, you must wait a full eight years from the date of the first discharge before you file a second Chapter 7.

Filing a Second Chapter 13 Bankruptcy

If you received a discharge under a Chapter 13, you must wait two years from the date that you filed the first Chapter 13 case. If you file a second Chapter 13 between two and six years from the first filing and the court won't accept your Chapter 13 plan, things get tricky.

Usually, when a debtor's Chapter 13 plan is not accepted, they can convert it to a Chapter 7, but in the case of a second Chapter 13, a debtor cannot receive a discharge in a Chapter 7 if it's been less than six years since they filed Chapter 13.

The only exceptions to having to wait six years are: you paid off all of your unsecured creditors in full with your Chapter 13, or you paid 70% or more of the claims in your Chapter 13.

Learn more about filing a second or subsequent bankruptcy by contacting a bankruptcy attorney today!