In some cases, filing for bankruptcy one time is not going to cut it. Maybe you did not receive a discharge from your first filing or maybe your financial problems never went away after the first discharge. Now you are considering filing again but you must keep in mind the time limitations that exist, or else you will be unable to receive another discharge.
Discharges Have Time Limits
When it comes down to it, you do not have to wait in order to file for bankruptcy again. Bankruptcy law does not dictate a time limit for filing. However, a time limit applies to discharges, meaning if you file too soon after wiping out debt in a previous case, you will not be eligible for another debt discharge. It is important to note the time limits that exist and how they work with the different types of bankruptcy filings. If you are trying to file successive Chapter 7 bankruptcies you will have to wait eight years after the filing date of your first Chapter 7 case. If you are aiming for successive Chapter 13 bankruptcies you only have to wait two years between filing dates in order to be eligible for a second Chapter 13 discharge.
Time limits also exist if you are trying to file different types of bankruptcy. If you received a Chapter 13 discharge you will have to wait six years before filing for a Chapter 7 discharge. There is an exception to this time limit though. If you paid unsecured creditors from Chapter 13 in full, or, if you paid a minimum of 70 percent of the claims, the plan was proposed in good faith, and was represented your best effort, then you might not have to wait as long as six years.
In the event you filed for Chapter 7 bankruptcy and received a discharge, you will have to wait four years from that filing date before you can file for a Chapter 13 bankruptcy. If during your first bankruptcy filing you did not utilize an experienced bankruptcy lawyer, then you should make it a priority for your second filing.
Get Debt Relief With Help From NJ Bankruptcy Lawyer
A bankruptcy lawyer knows if it is in your best interest to file a second time for bankruptcy. If it is, they can point you in the right direction and make sure you file under the right chapter for you. Cherry Hill, New Jersey bankruptcy lawyer, Joel R. Spivack, has been helping clients achieve debt relief for more than 25 years now. His depth of legal knowledge, attention to detail and personal service he provides make him your best choice for legal counsel. All you have to do is contact the Law Office of Joel R. Spivack to schedule a consultation. You can fill out the online contact form and be on your way to financial stability today.
The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney-client relationship. If you are seeking legal advice, please contact our law firm directly.