What To Know About Filing Bankruptcy Multiple Times

20 December 2021
 Categories: , Blog


When you file for bankruptcy, you likely believe that will be the only time you will need to do it. Unfortunately, life is unpredictable and you may encounter the need to file again. This could be due to medical reasons or business issues that lead to loss of income. Regardless of the situation, you will need to know the different key points regarding multiple bankruptcy filings. Here are a few that deal with eligibility and other key aspects of the process. 

Chapter Eligibility

The key determining factor in when and how you can file a repeat bankruptcy deals with the chapter. For example, if you are filing chapter 7 for the second time, you may have to wait for a longer period between your bankruptcies than if you file chapter 13. The key to remember is that you can not file repeating or multiple bankruptcies within a close time frame. In most cases, you will have to wait at least a few years before you can file under the same chapter as your initial bankruptcy. 


You may be wondering what you can cover under a second or even third bankruptcy. The truth is, you can cover the same types or categories of items or debts as you did on the first bankruptcy. The key point to remember with the items you can place on bankruptcy is what has been previously discharged. For example, if you have credit card debt discharged on the first bankruptcy, you can not include it on the new bankruptcy paperwork. Only debts that have not been previously discharged can be placed on a future bankruptcy filing. 


Even though you have already gone through one bankruptcy, you will still need a consultation with an attorney. This is to discuss your reasons for filing bankruptcy again. It is also to discuss if you have other options available to you. During the consultation, you will be given the same information you were likely given the first time you filed. This is due to ensuring you have the knowledge of what you are entering into and how this can affect your finances. 

These are just a few of the key points regarding multiple bankruptcy filings. If you believe you will need to file bankruptcy again, regardless of the chapter you need, contact your bankruptcy attorney. They will be able to assist you with eligibility, options, and proceeding with your choice. They can also help you answer questions you have regarding the process and other issues you may have. For more info, reach out to a bankruptcy attorney.