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Although most people who file for bankruptcy assume that it will be a one-time occurrence, it’s impossible to predict the life circumstances you will face in the future. In some cases, it is necessary to consider filing for bankruptcy for a second time. There is no limit on the number of times for which you can file for bankruptcy, but there are restrictions on how and when you can file. Here are the facts you need to know.


Discharge Timelines

Technically, you are allowed to file for bankruptcy at any time after another filing. However, you will not be able to discharge your debts if a sufficient amount of time has not passed. This can be helpful if you want to extend your payment times on debt but don’t want to have the debts discharged. If you are seeking a discharge, the timelines do apply. If your initial bankruptcy filing was a Chapter 7 bankruptcy, then you will need to wait for eight years after your initial filing date to file another bankruptcy in which your debts can be discharged. If you filed for Chapter 13 the first time, then you will need to for two years in order to file another bankruptcy.


Timelines for Filing a Different Type of Bankruptcy

If you want to file for a different kind of bankruptcy than you did the first time, then there are different rules for the timeline. If you filed Chapter 13 and now want to file Chapter 7, then you need to wait for six years or until you have satisfied 70% of your agreed payments un the original case. If you filed for Chapter 7 in your first case but now want to file Chapter 13, you need to wait for four years.


Bankruptcy law is complicated, but Cutler & Associates, Ltd. can help you make sense of it and make the best decisions for your circumstance. To talk to a bankruptcy attorney in Aurora, call (847) 213-9436.