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Can You File for Bankruptcy More than Once?

October 30th, 2020 Bankruptcy
bankruptcy papers

Choosing to file for bankruptcy is never an easy decision. So when you find yourself in a similar position again, it begs the question of whether or not you can file for bankruptcy more than once. The good news is yes, you can.

You are not limited to the number of times that you can file for bankruptcy. However, there is a required amount of time in between filings that you must wait.

How Long Must You Wait in Between Filing?

Depending upon the type of bankruptcy that you file, the mandated amount of time between filing for bankruptcy again varies.

Those who have previously filed for:

  • Chapter 7 and are filing for Chapter 7 again must wait at least 8 years
  • Chapter 7 and are filing for Chapter 13 must wait at least four years
  • Chapter 13 and are filing for Chapter 13 again must wait at least 2 years
  • Chapter 13 and are filing for Chapter 7 must wait at least six years. However, you are not required to wait six years if:
    • You have paid off your previous Chapter 13 debts; or
    • Your plan was in good faith and you have paid off 70 percent of all unsecured debts

Is it Harder the Second Time Around?

How difficult might filing for bankruptcy be the second time? Well, that depends upon the specific reason that your first case was dismissed – and whether it was done with prejudice.

If your previous bankruptcy filing ended in a dismissal with prejudice, you may find it a bit more difficult to file the second time around. Reasons that your first filing may have ended in a dismissal with prejudice include:

  • Delayed payment of creditors
  • Hid assets
  • Disobeyed court orders
  • Dismissal of your claim after creditor prepared a motion for relief from the automatic stay

Your fate actually lies in the hands of the judge, who is given the discretion to bar you from filing a second time if your previous behavior warrants it. This generally occurs when you have done something to abuse the system.

An Experienced Bankruptcy Attorney Can Help 

Filing for bankruptcy can be an extremely difficult decision; one that can prove very complex regardless of whether or not you’ve filed before. Luckily, the compassionate, qualified Arkansas Bankruptcy Attorneys at Caddell Reynolds can help.

We examine the facts of your case individually and will walk you through each step of the process. To learn more or to schedule a free consultation, contact us at 800-671-4100 today!

Had some questions about Bankruptcy and Spoke with Judy in the NLR office. She was very professional and quite informative. I left the conversation understanding the steps I needed to take! Would absolutely work with them again!

Michelle Lee