How Often Can Someone File for Chapter 7 Bankruptcy?

If you have filed for personal bankruptcy or business bankruptcy in the past and are finding yourself facing overwhelming financial debts, you may be wondering if you can file for bankruptcy again. United States Bankruptcy Code governs how frequently you may file for bankruptcy, and you can learn more about your options and rights by talking to our Los Angeles bankruptcy attorney.

A Chapter 7 bankruptcy, which is commonly called a liquidation bankruptcy, discharges your unsecured debts. Bankruptcy exemptions will protect a percentage of your personal property, including some of the equity in your home or car, and your non-exempt property may be sold to pay a portion of your debts. If you have filed for Chapter 7 in the past, you will need to wait eight years from the date you filed before you may file for Chapter 7 again.

Not all bankruptcies result in a discharge of debt, though. You may have requested that your case be dismissed, or it may have been dismissed due to a failure to follow a court order. If your case was dismissed for any reason and you did not receive a discharge, you may be able to file a new case again 180 days after your last case was dismissed.

Filing for a Chapter 13 in the past may also have an effect on your ability to file for Chapter 7. You will need to wait six years from the date you filed and have paid at least 70 percent of your unsecured debts in order to receive a discharge.

If you are considering filing for bankruptcy again, talking to our bankruptcy lawyer in California about your past bankruptcy filings can ensure you receive a full discharge of your debts. Filing too soon may result in unnecessary expense on your part without the accompanying relief of discharge.

Source: Bankruptcy Attorney Los Angeles

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