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What can I do if I build up debt again after bankruptcy?

On Behalf of | Jun 11, 2024 | Bankruptcy

Debt is easy to acquire. Many people build up debt with credit card purchases, late fees and high interest. Others may have suffered injuries or medical conditions that led to medical debt. One option to get rid of this debt easily when the debtor can not pay it on their own is bankruptcy. Bankruptcy is a process that allows debtors to regain control of their finances, either by discharging eligible debts in a Chapter 7 bankruptcy or via a repayment/restructuring plan through Chapter 13.

However, life is uncertain, and debtors may once again find themselves in a situation where they have acquired overwhelming debt. A debtor can file for bankruptcy more than once – there is no limit on the number of times someone can go bankrupt, although there is a limit on how often. Filers need to wait several years to file for bankruptcy again

How long it takes to file for bankruptcy a second time?

How long a filer will need to wait before filing for bankruptcy again depends on what kind of bankruptcy they filed for previously and what form of bankruptcy they intend to file next. 

For a Chapter 7 bankruptcy filing, the debtor will need to wait eight years if they filed for Chapter 7 bankruptcy previously. However, the debtor would only need to wait four years to file for Chapter 13 bankruptcy if they previously resolved a Chapter 7 bankruptcy. Debtors who wish to file for Chapter 13 bankruptcy will need to wait six years after a Chapter 7 bankruptcy to file and two years after a Chapter 13 bankruptcy to file.

Debtors can talk about their bankruptcy options and discuss their best course of action with legal guidance. 

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