Bankruptcy Myths: “I Filed Once; I’m Done.”

If you’ve filed for bankruptcy (Chapter 7 or Chapter 13) once in your life, you may think that you’ve used up a lifeline you can’t get back.  However, you’d be wrong.  While no one wants to have to go through the process more than once in their lives, it is possible.  And, if you’ve filed in the past, you know that the relief it provides is absolutely worth it!

How Many Times?

This and other bankruptcy myths are spread to keep people from filing multiple times.  However, if you need the debt-relief offered by bankruptcy, then you should seek it.  Any decent bankruptcy lawyer will encourage you to do so.

Here’s how it all works:

If you’ve filed for Chapter 13 bankruptcy before, you have to wait 2 years before you can file again.  If you would like to file for Chapter 7 after filing for Chapter 13, that waiting period increases to 4 years.

If you’ve filed for Chapter 7 bankruptcy before, you have to wait 8 years before you can file again.  If you would like to file for Chapter 13 after filing for Chapter 7, the length of time you must wait is 6 years.

Sound confusing?  Don’t let it be!  Speak with a bankruptcy lawyer to have the “re-filing myth” and other bankruptcy myths debunked!  Don’t let false information hold you back from filing for bankruptcy, even if it isn’t your first time!