Chapter 7 exists to help you get out of debt quickly and easily. It is easy to file for Chapter 7 bankruptcy and you can do it hundreds of times. However, the issue is whether you can get a discharge of your debts. The U.S. Bankruptcy Code places limits on how often you can get a discharge. Under the Code, you must wait 8 years from the time you first filed Chapter 7 until you can get a second Chapter 7 discharge.
If it is too soon to get another Chapter 7 discharge, an option is to file Chapter 13. You are eligible for a discharge in Chapter 13 as soon as four years from the date you filed your Chapter 7 case. Filing Chapter 13 can help you reorganize your finances. And, it can you repay debts over a 3 or 5 year period depending on your financial situation.
In some instances, filing a Chapter 7 is a good idea even if you don’t qualify to receive a discharge. For example, if you’ve got a large non-exempt asset and don’t want to be bothered with selling it off to pay your debts individually then Chapter 7 may work for you. So not only can you file Chapter 7 bankruptcy more than once; you may want to do so even in the absence of the availability of a discharge.
If you have questions about foreclosure, loan modification, bankruptcy, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to firstname.lastname@example.org, or complete the contact form below.