Some creditors would have you believe that if you filed bankruptcy in the past, you cannot file bankruptcy again. While you must wait eight years since your last filing to file a second Chapter 7 bankruptcy, there is generally no wait period when filing Chapter 13 bankruptcy.
North & Sedgwick Law is here to advise you if you need to file bankruptcy a second time or even multiple times. The firm's bankruptcy lawyer, Paul Camarena, serves individuals, families and businesses in Chicago and throughout the surrounding areas of Illinois.
Can I File Bankruptcy More Than Once?
When you receive a discharge of debts in a Chapter 7 bankruptcy filing, you must wait eight years before you can receive a discharge of debts under a second Chapter 7 bankruptcy filing. However, you can file Chapter 13 bankruptcy without waiting in most cases.
For example, suppose you filed Chapter 7 bankruptcy a year ago, but since that time you have fallen behind on your mortgage payments and are now facing foreclosure. You can stop the foreclosure by filing Chapter 13 bankruptcy and put your arrearages in a Chapter 13 payment plan. You may also be able to reduce certain other debts to an amount you can afford to pay.
Generally, there is no waiting period to filing Chapter 13 bankruptcy following a Chapter 7 filing. There is a two-year waiting period between Chapter 13 bankruptcy filings. However, since a Chapter 13 payment plan typically continues for three to five years, there is usually no waiting period.
You can also convert a bankruptcy filing from one chapter to another. Attorney Camarena offers a free initial consultation to discuss your options.
Contact A Chicago Attorney To Learn About Bankruptcy Eligibility
To schedule a bankruptcy consultation, simply call North & Sedgwick Law at 312-878-8429 to arrange an appointment. You can also contact the firm via email.
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†The firm is a debt relief agency and helps people file for bankruptcy relief under the Bankruptcy Code.