How Many Times Can I File for Bankruptcy?

Hi all! Welcome back to another blog about Bankruptcy! Today let’s demystify the question, “how many times can I file for bankruptcy?”

You can file as many times as you want! Yes, you read that right, there is no limit to how many times you can file, including Ch.7, which Marcie Baker specializes in.

However, there are a few important things to consider. Just because there is no limit to how many times you can file does not mean there are not some consequences.

First, filing more than once can prolong any damage to your credit. Chapter 7 bankruptcy can stay on your credit report for 10 years, so it is important to consider how many times you want to file and how long you want it included on your credit report.

Second, while I have said you may file as many times as you’d like, you need to be aware that there is a wait limit between each filing period. For Chapter 7 bankruptcy, the wait time between filing is 8 years. Please see our sources below for more information about wait times.

Finally, Forbes lists five steps to consider when you are considering completing a second bankruptcy filing. They are:

1. Consider all of your debt relief options before filing for bankruptcy again.

2. Figure out which type of bankruptcy to file the second time if no other options are available.

3. Research the consequences of a second bankruptcy, such as how it will affect your credit or whether you’ll lose any of your assets.

4. Determine the waiting period between the first bankruptcy you filed and the second bankruptcy you want to file.

5. Seek help from an attorney.

I hope today’s blog was helpful and gave you a better understanding of the bankruptcy system. We know it can be confusing, but we are always here to help! Contact our office with any questions or concerns!

Sources: 

https://www.forbes.com/advisor/debt-relief/how-often-can-you-file-for-bankruptcy/#:~:text=How%20Many%20Times%20Can%20You,many%20times%20you%20can%20file. 

https://www.findlaw.com/bankruptcy/after-bankruptcy/how-often-can-you-file-for-bankruptcy-.html

***The information contained in this blog is not legal advice of any form. Any bankruptcy questions or concerns can be directed to our office. See our website or contact information if you need to contact us!