23rd Nov 2017

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Many Americans, including the president, have filed bankruptcy more than once. Life often deals us unexpected cards that leave is deep in credit debt. Being sensible with your expenditure is sometimes not enough to prevent financial meltdown.

In fact, US law does not have a minimum period of time that must pass after filing before being able to file again. However, there is a minimum time period that you must wait after receiving a discharge of debts before you are able to have debts discharged again. Therefore, there is little point in filing if it will not result in a discharge of debt.

How long the period between discharges must be will depend on your previous type of bankruptcy filing. In the case of the original bankruptcy filing being a  Chapter 7, a period of eight years must pass before further Chapter 7 discharges are permitted. However, where the original filing was a Chapter 13, a wait of a minimum of 2 years is required.

Perhaps the 2nd bankruptcy filing will be a different chapter to the previous. If this is the case, the time frame will depend on whether the original filing was Chapter 7 or Chapter 13. Pay attention, here’s where it gets slightly technical.

In cases where the first discharge was a Chapter 13, and you now wish to file a Chapter 7 – you can’t receive a discharge for six years from the date that you filed the Chapter 13. But, there can be exceptions, if you repaid your unsecured creditors the full total of the Chapter 13, or if you repaid at least 70 percent of creditor claims.

If your original discharge was for a Chapter 7, and this time you are filing Chapter 13; you can’t receive a discharge under that Chapter 13 bankruptcy earlier than a  four year period (from the date upon which you filed Chapter 7).

Finally, if you never received a discharge in your first bankruptcy case, you may be able to file for a second time without any time limitation.

If you have any questions regarding bankruptcy, please give me a call and schedule a free, no obligation, consultation to discuss your concerns and we can work together to try and find the right individualized approach for you.  Please contact me at 281-847-4345 or rkemsley@kemsleylaw.com.  I look forward to hearing from you soon.

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