Filing for Bankruptcy Multiple Times in New York
Filing for bankruptcy can feel like a bit tricky to navigate through the
first time around, but what if your circumstances required you to refile
for bankruptcy? A common question that we encounter is whether an individual
can file for bankruptcy more then once, and how long must they wait between
Refiling for bankruptcy occurs under unique conditions and may be necessary
in order to prevent wages from being garnished or levying funds from frozen
bank accounts frozen.
Contrary to popular belief, unless there is deliberate abuse of the system
or unless the courts order otherwise, according to Federal Bankruptcy
Law, there is no restriction to the number of times an individual may
refile for bankruptcy.
When refiling for bankruptcy, the time limit between bankruptcy filings
is counted from the discharge dates; not the dates that the actual petitions
were filed. This means that should an individual need to refile for any
chapters of bankruptcy, they are able to based on the required wait time
from the original discharge date.
Refiling For Chapter 7 Bankruptcy
If you were able to successfully discharge yours debts under Chapter 7
bankruptcy, you will not be able to refile successively under Chapter
7 for eight years from the original date in which you first filed.
Refiling For Chapter 13 Bankruptcy
If you were able to successfully discharge your debts under Chapter 13
bankruptcy and establish a debt repayment plan, you may have to wait at
least two years in order to refile under Chapter 13 bankruptcy since it
usually takes between two to six years to complete the repayment plan
and receive a discharge.
Refiling Under Different Bankruptcy Chapters
Chapter 7 to Chapter 13 Refile – If you previously filed bankruptcy under Chapter 7 and would like to refile
under Chapter 13, you would have to wait at least four years from when
you originally filed under Chapter 7. This process, commonly referred
to as Chapter 20 bankruptcy, allows you to discharge unsecured debts under
Chapter 7 then catch up on delinquent secure debts by reestablishing a
repayment plan for priority debts such as mortgages, car loans, or even
Chapter 13 to Chapter 7 Refile – If you previously filed bankruptcy under Chapter 13 and are looking to
refile under Chapter 7, you will have to wait six years from when you
originally filed, however you may not have to wait six years if you either:
(a) Have paid back all your unsecured debt or,
(b) Have paid back 70 percent of your unsecured debt.