It is a common bankruptcy myth that you can only file for bankruptcy once. In fact, you can file for bankruptcy multiple times, but there are timelines and waiting periods that apply depending on which Chapter you have filed and which Chapter you are going to file.
At Lynch Law LLC, we handle Chapter 7 and Chapter 13 bankruptcies for clients throughout DuPage County. Whether you are filing bankruptcy for the first time or are considering filing a second, third, or subsequent bankruptcy petition, we can provide you with the skilled representation you need.
The following are the general waiting periods between bankruptcy discharges:
- From a Chapter 7 to a Chapter 7: eight years
- From a Chapter 13 to a Chapter 13: two years
- From a Chapter 7 to a Chapter 13: four years
- From a Chapter 13 to a Chapter 7: six years
There are exceptions to these rules. For instance, if you paid all unsecured creditors in your first Chapter 13, the waiting period does not apply.
The waiting periods apply to the bankruptcy discharge, not the actual filing of bankruptcy. This can work in your favor. For instance, some people choose to file Chapter 13 bankruptcy immediately after Chapter 7 (sometimes known as a "Chapter 20" bankruptcy) to benefit from bankruptcy protections, even if there is not an additional discharge of debt.
Whether this or any bankruptcy strategy would be helpful to you depends on your unique circumstances. Our multiple bankruptcy filing lawyers in Naperville can evaluate your situation to help you determine the course of action that best suits your needs.
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