Timing Bankruptcies and Discharges Properly

There are times when a person may be unable to escape financial problems after a bankruptcy. For example, they may suffer a serious injury, lose their job, or fall into debt again due to some other catastrophic financial problem after their previous discharge. If this is the case, the struggling party may wish to consider filing bankruptcy anew after their initial bankruptcy is finished. However, there are legal limitations on the timing of such an action.

If you are contemplating a second or subsequent bankruptcy filing, we can help you to determine whether you are eligible to file again. To discuss your circumstances with a sympathetic and experienced attorney, contact the Birmingham bankruptcy lawyers of [firm-name], by calling [phone-number].

Wait Times for Debt Discharges

In order to prevent abuse of the bankruptcy system, there are wait times imposed that bar an individual from entering a swift-moving cycle of accruing and discharging debts. The following are some basic guidelines regarding these restrictions:

  • After a Chapter 13 discharge, debtors must wait 2 years from the first case’s filing date
  • After a Chapter 7 discharge, debtors must wait 8 years from the first case’s filing date
  • For Chapter 7 cases after a Chapter 13 discharge, debtors must wait 4 years
  • For Chapter 13 cases after a Chapter 7 discharge, debtors must wait 6 years

If a person pays back their unsecured creditors in full in a Chapter 13 case, they may have the 6-year waiting period waived by the courts for filing Chapter 7 bankruptcy. This is also the case if these debtors cover 70 percent or more of their debts to the best of their ability in their Chapter 13 case.

Contact Us

For assistance with a potential second or third bankruptcy, contact the Birmingham bankruptcy attorneys of [firm-name], at [phone-number] today We will help to ensure that you are fully and properly advised of your legal rights.

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