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Filing for Bankruptcy Again

If a person successfully files for bankruptcy, they may be able to have many of their debts discharged. However, some people may have significant debt that cannot be discharged legally or may suffer a financial crisis due to injury or misfortune. If this plunges a person back into a state of financial despair, they may look to file for bankruptcy again. However, there are limits in place regarding how soon a person can file after having debt discharged.

If you are considering filing a second or successive bankruptcy, we may be able to help you begin this process. There are some limitations on these successive discharges that can complicate the process significantly. To learn more about how we may be able to help you back onto the path to financial freedom again, contact the Joliet bankruptcy lawyers of the Law Offices of Stuart B. Handelman, P.C., at 815-722-2201.

Filing Successive Bankruptcies

When the courts consider whether a person is allowed to file for bankruptcy again, they first qualify the time limit according to whether a discharge was granted. If the discharge was granted, the time limits will be enforced.

Accordingly, the following time limits are set for filing successive bankruptcies:

  • Two successive Chapter 7 discharges require an 8-year break from the date of filing
  • Two successive Chapter 13 discharges require a 2-year break from the date of filing
  • A Chapter 13 discharge followed by a Chapter 7 bankruptcy requires a 6-year break
  • A Chapter 7 discharge followed by a Chapter 13 bankruptcy requires a 4-year break

Depending on what occurs in the first bankruptcy, these time limits can become complicated. If debts are not fully discharged, the waiting period may be changed accordingly. This confusion is one reason why retaining the services of a legal advisor is typically beneficial.

Contact Us

Bankruptcy can offer you another chance to develop financial stability, and we can help you when your previous bankruptcy has proven to be insufficient. Contact the Joliet bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C., by calling 815-722-2201 today.