How Many Times Can I File for Bankruptcy?
Bankruptcy filing is an excellent idea for you if you are stuck with huge loans and credits and you are facing lots of pressure from the debtor to pay back the loans. It can be difficult for you to manage your finance in this crisis properly. The way out is a bankruptcy filing. A person files for bankruptcy for dissolving credits he is unable to pay back. The amount is adjusted with the remaining amount of total monthly income and total monthly expenses. There are several advantages and disadvantages of a bankruptcy filing, but when a person is over-burdened with credits, it is better to opt for bankruptcy file.
People often ask how to file bankruptcy in Oklahoma City; it is because of the law and order that differs from place to place. And with the same, another frequent question that comes up is how many times a person can file for bankruptcy. There is no particular limit for a person to file for bankruptcy, but obviously, you have to wait for a certain time that is scheduled to pay off your prior credits. There are some conditions on which your next file depends on. The state professionals will check:
- The type of bankruptcy you are filing for. If the types are the same are not.
- If the previous bankruptcy has been discharged or dismissed or not.
- The time gap between your previous bankruptcy filing and the present one.
On another few conditions, your next bankruptcy filing depends on. There are Chapter 7 and Chapter 13 under which you can file for bankruptcy and you have to fulfill the criteria to be eligible under the chapters. For the restraint of the time limit, these chapters can obstruct your bankruptcy filing.
1. When you filed for a Chapter 7 bankruptcy and again you want to file under this chapter, you have to wait for eight years after the previous case, to file the next one.
2. For a Chapter 13 bankruptcy, you need to wait for at least two years after the discharge of the previous case. Generally, it takes three to five years to dissolve a case of bankruptcy under Chapter 13. Therefore, you have to wait at least two years after the discharge of your previous case.
3. If the first filing has been done under Chapter 7 and now you are trying for Chapter 13, you have to wait four years and be eligible for the criteria of Chapter 13 after the discharge of the previous case.
4. For the previous case under Chapter 13 and being willing to file under Chapter 7 now, you have to wait six years after the previous case’s discharge. This period can be shortened if you have paid all or 70 percent of your debts and earned good faith.
For more information about how to file bankruptcy in Oklahoma City and more on associated things, you can contact Chris Mudd and Associates for a lawyer experienced in bankruptcy cases.