When Can You File a Second (or Third, Fourth, Fifth, etc) Bankruptcy?
Being in debt can cause significant stress and strain, and the situation can seem inescapable. The legal team at Sasser Law Firm wants you to know that there is a way out, and we could help you find it.
If unexpected setbacks have impeded your progress toward financial stability, there is still hope for recovery. If you’ve filed for bankruptcy once and believe you might need to do so again, contact a knowledgeable and compassionate bankruptcy attorney from the Sasser Law Firm. Our goal is to help you manage your debt and take control of your financial situation. Sometimes a new bankruptcy is a way to do just that.
Can I File for Bankruptcy multiple times in North Carolina?
The short answer is yes. Sometimes filing another bankruptcy adds some complexity. When and what type of bankruptcy you filed and what occurred during that case may have an impact on a new case.
Can I File for Bankruptcy Under a Different Chapter?
The answer is yes. There may be time limits in place for filing bankruptcy again when you are filing a different type of bankruptcy. The chapter that you filed for originally may have an impact on when you can file for another bankruptcy, even if you want to file differently this time around.
If you have questions about filing under a different chapter, it is best to talk to an experienced bankruptcy lawyer. A lawyer can assess your overall financial situation and help determine which chapter will better suit your goals.
When Can I refile for Bankruptcy?
Several facts will determine when you are legally able to file, including which chapter of bankruptcy you filed for originally. The time limits are as follows:
- If you filed for Chapter 7 and received a discharge and want to file for Chapter 7 again and receive a discharge – Eight years must pass from the date of filing in the 1st case before an individual can file for a second Chapter 7 bankruptcy and receive a discharge in that 2nd case.
- If you file a Chapter 13 case and it was dismissed involuntarily and you wish to file a new chapter 13 case. A new case can generally be filed immediately unless the court took the unusual step of including a bar to refiling in the order dismissing the case. However, if the prior case was pending in the prior 12 months then the automatic stay may expire after 30 days in the new case unless it is extended by the court on a showing of changed circumstances. If two prior cases were pending in the prior 12 months then there may not be an automatic stay and a stay would have to be applied for with the court.
- If you filed a Chapter 7 or 13 case and the case was voluntarily dismissed after a Motion for Relief from Stay was filed. A debtor is not permitted to file a bankruptcy within 180 days after the dismissal of the 1st case in this situation.
- If you filed for Chapter 7 and want to file for Chapter 13 – If an individual is looking to file for Chapter 13 bankruptcy after filing a Chapter 7, they must wait four years from the original petition date before filing if they want to receive a discharge in the chapter 13 case. It is sometimes appropriate and beneficial to file a chapter 13 even where a discharge will not be entered. This is particularly true where a debtor is seeking to stop a foreclosure or repossession but may have other applications as well.
- If you filed for Chapter 13 and received a discharge and want to file for Chapter 13 again and receive a discharge – Individuals must wait two years from the original filing date to be able to file for a second Chapter 13 bankruptcy and receive a discharge.
- If you filed for Chapter 13 and now want to file for Chapter 7 and receive a discharge – Individuals need to wait six years from the chapter 13 petition date to be able to file for a Chapter 7 bankruptcy and receive a discharge. Sometimes it is possible to waive this waiting period if an individual has paid their unsecured creditors 100 percent of the money they owed or the chapter 13 plan was proposed in good faith and was the debtor’s best effort.
If the courts dismiss a person’s bankruptcy case “with prejudice,” the individual is required to wait 180 days before filing again. If a debtor’s chapter 7 discharge is denied because of fraud (e.g. material misstatements or fraudulent transfer of assets), the debts may not be subject to a discharge in a future bankruptcy case even if the debtor is able to file a new case and obtain a discharge or other debt.
Talk to an Experienced Bankruptcy Attorney in Cary, NC Today
If your debts are mounting, a new bankruptcy filing could be your best option. However, before you file, talk to an experienced Cary bankruptcy attorney. At the Sasser Law Firm, we will review your financial situation, talk about your priorities, and evaluate all your legal options. We have more than 20 years of experience exclusively handling bankruptcy cases. We can address questions you have, including any limits related to the effect of a prior bankruptcy.
Getting you back on financial track is our main objective. Contact our compassionate legal team for a free consultation today.
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For more than 20 years, the Sasser Law Firm has been helping individuals and business owners sort through financial hardships to see the light at the end of the tunnel. Our North Carolina bankruptcy attorneys are all board-certified specialists, which means we have passed a complex exam, undergone a thorough peer review, and continue to earn legal education credits in this ever-evolving area of law.