Can you file bankruptcy more than once? Is there any waiting period? Yes, you can consider filing bankruptcy again in California. Many Americans keep wondering about the impact if they file for bankruptcy again. Some even doubt that they can file many times. If you have any bankruptcy concerns, you can consider visiting Fong Law Group. Their attorneys can find a suitable solution based on your financial position. In the following, we will know more about multiple bankruptcies.
How Long You Need to Wait
The waiting time will vary based on chapters. Also, there will be some other limitations. You will have to go through both benefits and downsides. If you file bankruptcy again soon after eliminating your debts in the previous filing, you cannot get discharged again. Even if you cannot get a discharge, you can think of filing bankruptcy again under certain circumstances. Lawyers in Fong Law Group can help you with the best legal solution. You will know when and how you can file bankruptcy again. Fong Law Group offers legal services to Monterey Park California, and surrounding areas. You can reach out whenever needed.
When it comes to the waiting period and other limitations, you will have to understand the combinations.
Chapter 7 to Chapter 7
You might be aware that Chapter 7 bankruptcy can discharge most of your loans. However, you cannot file under this chapter frequently. Yes, you will have to wait for eight years to file bankruptcy under this chapter again. The waiting period will be eight years between both filing dates.
Chapter 13 to Chapter 13
When it comes to filing again under chapter 13, you will not have to wait long. You can file again after two years. But you might need to wait a bit longer since the repayment plan can continue for three years. You can decide based on your condition.
Chapter 7 to Chapter 13
If you have filed bankruptcy under chapter 7, you might need to wait four years to file bankruptcy under Chapter 13. The time will start from the filing date of your previous bankruptcy. After four years, you can think of filing bankruptcy under Chapter 13.
Chapter 13 to Chapter 7
You might need to wait for six years. But you can get some relaxation if you have repaid at least seventy percent of your debt. With a good repayment history, you can file again within one year.
Can I File Multiple Bankruptcies?
Yes, you can file multiple bankruptcies. Even if there is a waiting period between filings, you will have the option to file many times. However, it will impact your credit and loan-taking ability. Hence, you can avoid multiple bankruptcies.
Can I Receive A Discharge?
Yes, you can receive a discharge if you have not received it in your first bankruptcy filing. However, you will not get an automatic stay order.
Do you have any doubt? Call Fong Law Group at (626) 289-8299 for a FREE consolidation, and talk to an attorney today. We are here to help you get through this difficult time in your life, and help you with a Fresh Start.