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Can You File Chapter 13 Bankruptcy More Than Once?

Chapter 13 is a bankruptcy option that's designed to help manage key debts. One of the key features of Chapter 13 is that it provides strong protections for assets, which may help you keep more property and avoid long-term problems with creditors, and many people turn to Chapter 13 to help them avoid foreclosure.

Unlike Chapter 7 bankruptcy, Chapter 13 does not completely erase financial obligations. Instead, it helps you reorganize these debts into a reasonable payment plan. A payment plan under Chapter 13 lasts between 36 and 60 months.

Another key advantage to a Chapter 13 bankruptcy claim is that if the court accepts an individual's case, the debts are consolidated at their current value, and they are repaid without interest accruing, which can save the filer hundreds or even thousands of dollars.

Individuals should also keep in mind that, although bankruptcy is a protection governed by federal law, bankruptcy laws are different depending on the state. A local bankruptcy lawyer can help you determine how filing Chapter 13 could help your situation.

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Filing Chapter 13 Multiple Times

While there are restrictions on how often a person can file for bankruptcy, an individual may file multiple times in his or her life. The laws dictate that a person must wait at least two years after finishing a Chapter 13 bankruptcy plan before a second can be filed.

Is Chapter 13 Right for You?

Although people are free to file for Chapter 13 as many times as necessary, federal law will prevent the courts from completing the process until the waiting period is over.

Also, filing a bankruptcy claim can cause an individual’s credit score to drop. It generally takes up to ten years for each bankruptcy claim to be dropped from a person's credit report. However, individuals who carefully maintain the Chapter 13 payment schedule designed by the bankruptcy court can slowly rebuild credit over time.

Connect with a Bankruptcy Attorney Today

Bankruptcy laws vary by state. So if you would like more detailed information on your state's laws, connect with a local attorney today. Just fill out the form below to connect with a lawyer near you for a free initial consultation.


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