Can I File Chapter 7 Before 8 Years latest 2023

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Can a Person File Bankruptcy Twice?

Although you can declare bankruptcy at any time, if you have already filed and received a discharge, you must wait a certain period of time before declaring bankruptcy a second time – at least if you wish to receive a discharge, i.e. .

Believe it or not, in some situations filing for bankruptcy twice without receiving a discharge makes sense – but not for most people. In addition, problems can arise when filing a second bankruptcy prematurely. The consequences can be disastrous.

Once you file a Chapter 7, you cannot automatically “dismiss” the petition. This has the effect of handing over your property to a bankruptcy trustee whose job is to liquidate it at the sale price for the benefit of your creditors. However, receiving a nominal reduction of outstanding debts is not a good outcome for most.

Timing is everything when it comes to filing for bankruptcy twice. The waiting periods applicable to filing for bankruptcy a second time are discussed below.

1. Upon initial receipt of a Chapter 7 Release and Chapter 7 Filing Plan

If you have already filed for Chapter 7 bankruptcy, you must wait eight years before filing in order to be discharged. Pursuant to Section 727(a)(8) of the Bankruptcy Code, this is calculated from the original filing date until the filing of the second petition. For example, if you originally filed on January 1, 2000, you will want to wait until January 1, 2008 or later.

2. Upon Initial Receipt of a Chapter 7 Release and Intent to File Chapter 13

Pursuant to Section 1328(f)(1) of the Bankruptcy Code, if you have already filed for Chapter 7 bankruptcy and obtained a discharge, you must wait four years before filing for Chapter 13 bankruptcy in order to to be eligible for release.

If a Chapter 13 plan is not confirmed, a trustee in bankruptcy can recommend conversion to Chapter 7. The rule that you cannot receive a second Chapter 7 discharge until eight years have passed since filing from the previous chapter 7 still applies, however, so in most cases you’ll want to dismiss the action from chapter 13 rather than convert it to chapter 7.

3. Upon initial receipt of a Chapter 13 Release and Chapter 7 Filing Plan

Under Section 727(a)(9) of the Bankruptcy Code, if you received a Chapter 13 discharge, you are not eligible for a Chapter 7 discharge for another six years, subject to subject to a few exceptions.

4. Upon initial receipt of a Chapter 13 Release and Chapter 13 Filing Plan

Pursuant to Section 1328(f)(2) of the Bankruptcy Code, if you received a discharge in the original Chapter 13, you cannot receive another discharge until two years have passed.

5. When he filed a chapter but did not receive a discharge

In most cases, you can file again after waiting 180 days. In such cases, it is important to speak to an attorney familiar with bankruptcy law.

Ultimately, while it’s not unusual to file for bankruptcy a second time, timing is crucial when you want to receive a second discharge.

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