Filing Multiple Bankruptcies
Changes in the bankruptcy law in 2005 made it a lot tougher for individual debtors to file multiple bankruptcies. For a Chapter 7 bankruptcy a debtor can only file once every 8 years; before 2005 it was every 6 years. But a debtor can file a Chapter 13 bankruptcy four years after filing a Chapter 7 bankruptcy. For example, if a debtor filed Chapter 7 in 2006, they would not be allowed to file for Chapter 7 again until 2014; but the debtor could file for a Chapter 13 bankruptcy in 2010.
If the debtor filing for Chapter 13 bankruptcy, as described above, fails to maintain the payments, he or she will not be allowed to convert that Chapter 13 into a Chapter 7 bankruptcy after that case was filed. The time period for when a debtor is eligible to file bankruptcy again is counted from the day of bankruptcy filing, not the date of discharge. For example, if a debtor filed Chapter 7 bankruptcy in 2006; but the bankruptcy case was discharged in 2008, the debtor would be allowed to file Chapter 7 bankruptcy again in 2014.
Are You Considering Bankruptcy?
If you filed bankruptcy a few years ago and find yourself swamped with debt again, contact a Dallas bankruptcy attorney today to find out your bankruptcy options. If you would like to set up a free consultation with Allmand Law Firm PLLC, give us a call or fill out our contact form .