Can You File for Bankruptcy More Than Once?
Yes, it is possible to file for bankruptcy more than once. However, the law imposes mandatory waiting periods between filings, depending on the type of bankruptcy previously filed.
Bankruptcy Waiting Periods
For example, if you file a Chapter 7 bankruptcy, you must wait eight years from the date of filing before you can receive another Chapter 7 discharge. Different waiting periods apply if you switch between Chapter 7 and Chapter 13, and an attorney can help determine your eligibility based on your filing history.
Trustee Review of Your Case
Once your bankruptcy case is filed, a Chapter 7 trustee is assigned to review your petition and supporting documents. This review includes:
Bankruptcy schedules and disclosures
Tax returns and bank statements
A review of your assets and claimed exemptions
Evaluation of property such as jewelry, vehicles, and home equity
“No Asset” Chapter 7 Cases
If all of your property is protected by bankruptcy exemptions and there is no non-exempt property to sell, the trustee will designate your case as a “no asset” Chapter 7 case. This means creditors will not receive payments from the sale of property.
Starting Fresh After Discharge
Once you’ve completed all required steps and receive your Chapter 7 discharge, you are free to move forward with a clean financial slate. Many filers use this opportunity to rebuild credit, stabilize their finances, and plan for a more secure future.
Get Professional Guidance
Because repeat bankruptcy filings involve strict rules and timelines, consulting with an experienced bankruptcy attorney can help you understand your options and avoid costly mistakes.
***Peace Of Mind For You, A Fresh Start For Your Family***
Austin Bankruptcy Lawyers
3800 North Lamar Blvd # 200
Austin, TX 78756