Filing bankruptcy. For many people, this is a once-in-a-lifetime experience and they never want to repeat it.
However, for some, filing bankruptcy is something that happens more than once – even if steps are taking to avoid the process.
You can experience filing bankruptcy more than once in your life, however – the legal experts at Mina Nami Khorrami LLC can help you take steps to avoid it. But if you can’t – and sometimes, it is just unavoidable – we can help sort out the questions you might have about filing bankruptcy more than once.
Depending on the type of bankruptcy petition you filed previously, there are waiting periods that must be met before you can file a subsequent petition.
If your previous situation had you filing bankruptcy under Chapter 7, you have to wait eight years from the date you filed your previous Chapter 7 to qualify for a discharge in anew Chapter 7 petition.
If you previously filed a Chapter 7 petitionbut you want to now file a Chapter 13 petition, you have to wait four years from the date you filed your previous Chapter 7 to obtain a discharge in a new Chapter 13.
And if you had a previous Chapter 13 petition, you have to wait six years from the date you filed your previous Chapter 13 before filing a new Chapter 7 petition. And if you have a previous Chapter 13 petition, you have to wait two years from the date you filed your previous Chapter 13 to file a new Chapter 13 case.
There are, however, exceptions.
If you have a previous Chapter 13 case that paid 100% to the unsecured creditors or paid 70% to unsecured creditors with good faith, there is no waiting period to file a new Chapter 13 case.
It’s always a good idea to ask a qualified attorney about filing bankruptcy if you have filed a bankruptcy previously.
Avoiding filing bankruptcy multiple times is ideal and you should avoid it if you can, but sometimes life happens.
Mina Nami Khorrami LLC
If you have questions or concerns about filing bankruptcy, the legal experts at Mina Nami Khorrami LLC can help. Contact us today at 614-857-9590.