Can I File For Bankruptcy Twice?
The short answer to this common question is yes, you can file for bankruptcy twice. However, there are some restrictions on when you are able to file bankruptcy if this is your second (or beyond) bankruptcy. The questions below will help to determine when and what kind of bankruptcy you may be eligible for after having filed previously.
When did you last file for bankruptcy?
After filing a Chapter 7 bankruptcy, an individual must wait 8 years before being eligible to file another Chapter 7. After filing a Chapter 13 bankruptcy, an individual must wait 2 years to file another Chapter 13 bankruptcy.
What type of bankruptcy are you filing?
If an individual previously filed a Chapter 13 bankruptcy, they’d need to wait 6 years to file a Chapter 7 bankruptcy. If an individual previously filed a Chapter 7 bankruptcy, but wants to instead file a Chapter 13 this time, they must wait at least 4 years since their Chapter 7 filing.
Did You Receive a Discharge in the Last Filing?
Both Chapter 7 and Chapter 13 bankruptcy have restrictions on how frequently you can file. But, what if your bankruptcy never resulted in any debt being discharged? In some cases, if you file for bankruptcy, then cancel or are denied for whatever reason, your filing alone still sets you back from being able to file again in the near future. In other cases, however, if you never received a discharge, you’re eligible to file again without any time restrictions. Speak to an experienced bankruptcy attorney to help determine if you’re eligible to file a subsequent bankruptcy.
Are You Married?
Married couples have the luxury of deciding to file for bankruptcy jointly or individually. If previously your spouse filed individually, then there is no restriction on when the other spouse may file. This way the couple is not restricted to one bankruptcy filing within the time limits set above. Being that Nevada is a community property state, all community property from the marriage will be part of the bankruptcy estate in both filings. If the couple previously filed jointly, then they are restricted by the time limits above to either file again jointly or as individuals. Read more about the pros and cons of either decision.
For more information on filing for bankruptcy, please do not hesitate to contact our office and set up a meeting to discuss your situation at length. Our team will help guide you through all available options and help you to determine a plan that’s right for you. To reach our office, contact us at (702) 998-1188, info@ljlawlv.com, or schedule a consultation online.
For additional resources on bankruptcy and other related topics, be sure to check out our Bankruptcy Blog, and Bankruptcy TV playlist on Youtube.