If you find yourself in a major financial bind, filing for bankruptcy may be the only option for you to get a hold on your financial livelihood. Bankruptcy will allow you to eliminate most of your debts and organize your financial life. The fresh financial start offered by bankruptcy may be your only option to get the relief you need to move on. However, for some, additional medical bills, loss of work and other financial setbacks could sink them back into financial debt, requiring a subsequent bankruptcy.
Although you can file bankruptcy as many times as you want, California law dictates how often you can actually declare bankruptcy. The amount of time you need to wait between each filing varies depending on the type of bankruptcy you filed and the outcome of it. It is best to immediately consult with a Stockton bankruptcy attorney to help you through the process.
How Many Times Can You File Bankruptcy?
There is no limit to how many times you can file bankruptcy in the state of California. However, whether you are eligible to file for bankruptcy a second or third time depends on various factors. Some factors that may impact your eligibility include:
- The type of bankruptcy you previously filed.
- The type of bankruptcy you are currently seeking to file.
- The amount of time that has passed since the last bankruptcy discharge.
- The nature of your previous bankruptcy.
California Bankruptcy Time Limits
The following are the time limits set by California law that you will have to adhere to when filing for a second or third bankruptcy discharge:
- Filing Chapter 7 after Chapter 7. If you have received a liquidation bankruptcy, you must wait up to eight years from the day you filed to file again under Chapter 7.
- Filing Chapter 13 after Chapter 13. After filing bankruptcy under chapter 13 and receiving a relief, you should wait up to two years before filing again under this chapter.
- Filing under Chapter 13 after Chapter 7. You must wait up to four years if you have previously filed Chapter 7 in the past, and you seek to restructure your debts in chapter 13.
- Filing Chapter 7 after Chapter 13. If you want to file for liquidation bankruptcy after a chapter 13 discharge, you must wait six years. However, the six years will not apply when you have paid more than 70% of your unsecured debts following the plan you made in chapter 13 bankruptcy.
- Dismissal of bankruptcy without prejudice. If you did not receive bankruptcy relief and your case was dismissed, you may need to wait a while to file again. If the court has dismissed your bankruptcy with prejudice, you have to wait 180 days to file again.
Call an Experienced Central Valley Bankruptcy Attorney
If you are considering Chapter 7 bankruptcy, it is in your best interest to consult with an experienced bankruptcy attorney to help you learn your legal rights and options, especially with respect to Chapter 7 bankruptcy.
For more information or to schedule a complimentary consultation with Central Valley bankruptcy attorney Gurjit Srai, please call 209-323-5558, or complete our online form.