Although you can file for bankruptcy at any time, if you have already filed and obtained a receipt, you must wait a specified period of time before you declare bankruptcy a second time, at least if you wish to receive a receipt.
Believe it or not, in some situations it makes sense to go bankrupt twice without discharge – but not for most people. In addition, problems may arise when filing a second bankruptcy prematurely. The consequences can be disastrous.
Once you have filed a Chapter 7, you can not automatically "reject" the query. This has the effect of entrusting your property to a trustee in bankruptcy responsible for the liquidation at unbeatable prices for the benefit of your creditors. However, receiving a nominal reduction in outstanding debts is not a good outcome for most.
The timing is everything when it is time to file bankruptcy twice. Waiting times for bankruptcy a second time are discussed below.
1. When you originally received a discharge under Chapter 7 and you plan to file under Chapter 7
If you have already filed for bankruptcy under Chapter 7, you must wait eight years before filing to qualify for release. In accordance with Article 727 (a) (8) of the Bankruptcy Code, this amount is calculated from the initial filing date until the filing of the second request. For example, if you originally filed on January 1, 2000, you may want to wait until January 1, 2008 or later.
2. When you originally received a discharge under Chapter 7 and you plan to file Chapter 13
In accordance with Section 1328 (f) (1) of the Bankruptcy Code, if you have already filed for bankruptcy under Chapter 7 and you have been released, you must wait four years before filing a chapter. 13 to be able to claim a release.
If a plan in Chapter 13 is not confirmed, the trustee in bankruptcy may recommend conversion to Chapter 7. The rule stating that you can not receive a second discharge from Chapter 7 until eight years have elapsed since the last deposit of Chapter 7 still applies. you will want to reject the action of chapter 13 rather than converting it to chapter 7.
3. When you first received a discharge under Chapter 13 and you plan to file under Chapter 7
Under Section 727 (a) (9) of the Bankruptcy Code, if you receive a discharge in Chapter 13, you are not eligible for a Chapter 7 discharge for six years, with some exceptions.
4. When you originally received a discharge under Chapter 13 and you plan to file Chapter 13
According to Section 1328 (f) (2) of the Bankruptcy Code, if you have received a discharge in Chapter 13 of origin, you can not receive another discharge before two years.
5. When depositing a chapter without having received a discharge
In most cases, you can re-file after waiting 180 days. In such cases, it is important to speak to a lawyer familiar with the law of bankruptcy.
In the end, if it is not unusual to file a new bankruptcy, now is the time to receive a second release.