If you are preparing to file for bankruptcy and have never done so before, you will not have to worry about timing issues; however, if you ever filed for bankruptcy in the past, there are some timing issues you will need to understand. Bankruptcy is not something you can simply file for whenever you would like. Instead, there are waiting periods, and here are some details about the waiting period requirements when filing for bankruptcy again.
Waiting periods if you used Chapter 7 in the past
If you filed for Chapter 7 in the past and want to file for it again, you will need to wait eight years before you can file again. The eight years typically begins from the date you filed your original Chapter 7 case. You will not be able to file for Chapter 7 again unless you wait for this long before refiling. If you now want to file for Chapter 13 after using Chapter 7 in the past, you would only have to wait for four years from the date you filed the Chapter 7 case.
Waiting periods if you used Chapter 13 in the past
On the other hand, if you have used Chapter 13 in the past, there is typically no waiting period to complete if you want to file for Chapter 13 again. This is because there is a two-year waiting period to file for Chapter 13 after filing for Chapter 13 in the past, but a typical case takes three to fives years to complete. Therefore, if you have completed a case, you would already be eligible to file again if you decide to.
If you now want to file for Chapter 7, you would have to wait six years to file from the date you filed for your Chapter 13 case.
Other things to know about timing
Even if you never filed for bankruptcy in the past, there are other types of timing issues you should know about, and your lawyer will discuss these issues with you. One timing issue to know about involves your income. If you are hoping to use Chapter 7 but recently received a large windfall of cash, you might want to wait six months before filing as waiting would eliminate the need to include this windfall of cash in your income.
Talking to a bankruptcy lawyer is the best way to know when to file and if you should file, and you can schedule an appointment with a bankruptcy lawyer to discuss these things at a time convenient for you.
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