6 Facts to Know about Filing for Bankruptcy Again (Pt. 1)

June 22, 2014

Bankruptcy can be an effective way for people to get out from under crippling debt because it can help them discharge a substantial portion of that debt while protecting some of their assets.

If you are considering filing for bankruptcy again, here’s some important info you should know. You can also contact Jon B. Clarke for specific info about your case.

If you are considering filing for bankruptcy again, here’s some important info you should know. You can also contact Jon B. Clarke for specific info about your case.

After successfully resolving a firt bankruptcy case, many people would like to believe that they have moved past their financial struggles and that they will never have to file for bankruptcy again. This, however, may not be the reality for some, as factors like unemployment, divorce, illness and potentially even reckless spending habits may result in some people needing to file for bankruptcy again.

When it comes to filing for bankruptcy again, there are some specific guidelines people have to follow and some strict eligibility requirements that people have to meet in order for the bankruptcy court to accept the case. In this three-part blog, we will highlight some of the important facts that people should know when it comes to filing for bankruptcy again. If you are considering this move and are ready to receive some specific information about your case, contact Colorado Bankruptcy Lawyer Jon B. Clarke.

Fact 1 – You have to wait a certain period of time before you can file for another bankruptcy discharge.

If the intention for filing for bankruptcy again is to get additional debt discharged through another bankruptcy case, then you will have to wait a certain period of time after your previous case before you can file again (or before you can file again and the court will accept this bankruptcy petition). It’s important to point out here that this time limit will be based on when you received a previous debt discharge – not the date on which you previously filed for bankruptcy.

Fact 2 – The time limits will depend on the types of bankruptcy cases.

The specific type of bankruptcy that you filed for in the past and that you will be pursuing again will dictate the amount of time that you have to wait between filings. In fact:

  • If you previously filed for Chapter 7 bankruptcy and would like to pursue another Chapter 7 case to receive a second discharge of debt, you will typically have to wait 8 years from the first case before you can successfully file again.
  • If your previous filing was a Chapter 13 bankruptcy and you would like to file for Chapter 13 again, you will typically have to wait 2 years from the first case before you can successfully file again.

Don’t miss the upcoming second and third parts of this blog for some additional important information regarding filing for bankruptcy again.

Colorado Bankruptcy Lawyers at the Law Office of Jon B. Clarke, P.C.

If you are overwhelmed by seemingly insurmountable debt and are looking for a financial fresh start, contact the trusted Colorado debt relief and bankruptcy lawyers at the Law Office of Jon B. Clarke, P.C.

For more than 35 years, Mr. Clarke and his diligent support staff have been successfully helping our clients resolve even the most complex bankruptcy cases for both individuals and businesses alike. Our experienced legal professionals are committed to providing each of our Clients with the personalized debt relief assistance they need, and we will work tirelessly to ensure that our Clients’ cases are resolved as favorably and efficiently as possible.

Contact Us Today

For a thorough assessment of your situation, along with expert advice regarding the best manner in which to move forward to unburden yourself from debt, call us at (866) 916-3950 or email us some details about your situation by clicking here.

Categories: Bankruptcy, Blog, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Filing for Bankruptcy Again