Hopefully those of you who have filed for Bankruptcy will not find yourself in the position where you need to file a second or third time but unfortunately it does happen and it happens more often than you may think. Sometimes its a result of poor planning but more often than not its a function of reality. Bad stuff happens and people with less resources are more likely to be unable to weather the storm.
Technically speaking there is no minimum time frame between bankruptcies. However there are limitations regarding the usefulness of filing. The end goal of most bankruptcies is a discharge of the legal obligation to pay one's debts. Unfortunately if you file to soon you run the risk of not being able receive the discharge you desire.
I will summarize the rules here for your benefit but keep in mind that some issues (and this is one of them) are best answered by an Attorney. The best thing you can do is make sure you hire a good attorney who can look at you individual situation and determine the best course of action for you. In order to find the right attorney for you it is important that you develop a general understanding of the law so that you can assure you have a knowledgeable attorney in the field. For more info on this check out my book by clicking here. Or you can buy it on Amazon.com
General Guidelines are as follows
Successive Chapter 7 cases need to 8 years apart
Successive Chapter 13 cases need to be at least 2 years apart
It is more complicated if you change Chapters (ie file one of each)
After a 13 in which you recieved a discharge you need to wait at least 6 years to file a 7 unless you either
1) paid all creditors in full in the 13 or
2) you paid at leas 70% and it was you best efforts and in good faith
If you filed 7 first then you need to wait at least 4 years to file the 13
As I said it can be complicated so check out my Book and get a good attorney.
