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What You Need to Know About Filing for Bankruptcy More Than Once

Posted By Allmand Law Firm, PLLC || 19-Aug-2015

Financial troubles can happen to anyone. Even the most financially responsible people can experience hardships that lead them into overwhelming debt, including the loss of a job, a long-term illness, or any other unforeseen personal crisis. Debt troubles can happen at any time and may happen more than once, and thankfully, bankruptcy can be an option to get the relief you need.

How often you can file for bankruptcy depends on the type of bankruptcy you have filed for in the past and how long it has been since you received a discharge. If you plan to file for Chapter 7 bankruptcy, you will be able to file a new case after eight years of receiving your discharge for a previous Chapter 7 case, or six years after a discharge from a prior Chapter 12 or 13 case. If you are currently considering filing for Chapter 13, you may do so four years after receiving a discharge under Chapter 7, 11, or 12, or two years after a discharge from a Chapter 13 case.

If your last case did not result in a discharge, these time restrictions may differ. Talk to our bankruptcy lawyers to determine how your past bankruptcy filing may affect your current plans to file again.

Limits to Automatic Stay

When you file for bankruptcy, you are granted the protection of an automatic stay, which halts creditors from contacting you or attempting to collect on debts while your case proceeds through the bankruptcy process. For a first bankruptcy, this stay may last through most of your case. However, if you have filed for bankruptcy more than once in a year, this stay may be reduced to only 30 days, or may not be available at all after two or more filings in the same year.

Keep in mind that there is a difference between filing for bankruptcy and receiving a discharge, and that a discharge is not necessarily the end goal in every case. Some people can benefit simply from the automatic stay protection that bankruptcy provides. Call an attorney from our firm to determine the best options for your case to help achieve your individual goals.

For further questions about filing for bankruptcy, please contact an experienced and dedicated Dallas bankruptcy lawyer from Allmand Law Firm, PLLC. Take the first steps toward financial freedom by calling (214) 238-9608 to schedule a FREE financial empowerment session with our team.

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