How Often Can You File Bankruptcy?
Bankruptcy is a complicated procedure. Although it helps you when you’re drowning in debt, it destroys your credit score and ability to ask for money. Even if you complete it, you must review it like a new procedure. Ideally, it’s not beneficial to file for bankruptcy even once. Most interested users want multiple bankruptcies. They want to know how often can you file for bankruptcy. You can get the required financial help without provoking any legal rules.
How Often Can You File Bankruptcy? Rules And Legal Consequences!
The following are the factors for learning how often can you file for bankruptcy.
Describing How Often Can You File Bankruptcy
The waiting periods for your previous bankruptcy and the current one you’re interested in filing are affected. By your previous bankruptcy type. The following are the waiting periods for different bankruptcy types according to their combinations and preferences.
Users also search for experienced real estate brokerage services.
Chapter 7 To Chapter 7
When you file for Chapter 7 and receive a discharge. It means eight years from the filing date of the waiting period. Then, you can file for another Chapter 7 bankruptcy case.
Chapter 7 To Chapter 13
A four-year waiting period is included for users who received a Chapter 7 discharge. And now want to file for Chapter 13 bankruptcy. You can restructure your debts with Chapter 13.
Chapter 13 To Chapter 13
A two-year waiting period is included when you file previously for Chapter 13. And now want to file a similar case. These cases primarily last between three to five years. So you can immediately file another case after completing the previous one.
Chapter 13 To Chapter 7
If you completed the repayment plan for Chapter 13 and want to file for Chapter 7. You must wait six years from the filing date of the Chapter 13 case. However, this period may be waived. If you have completed 70% of your unsecured debts in Chapter 13 and demonstrated good faith.
People ask: How to find buyer for commercial real estate property?
Consequences Of Filing Too Soon
When you file another bankruptcy without meeting the required waiting period, the court denies your discharge of debts. You are legally bound to repay these debts. Although you can still file for bankruptcy without a discharge, creditors will continue collection efforts.
Do you need developers near me services?
Exceptions And Special Considerations
There are specific conditions where filing multiple bankruptcy cases is necessary.
Dismissed Cases
If a previous bankruptcy case was dismissed rather than discharged, you may be able to file again sooner. However, courts impose several restrictions on such procedures.
Learn what does contingent mean.
Hardship Situations
If financial hardship is proven, the court will allow for earlier filing in some cases.
Conclusion
To conclude, how often can you file bankruptcy? You can get financial benefits from bankruptcy filings, but they affect your credibility and future economic stability. Understanding different legal requirements for multiple bankruptcy filings is suggested to avoid casualties.
Next, read about the Metro Center Mall in Phoenix.
