What You Need to Know About Filing for Bankruptcy in the State
Many people wonder if they are able to file for bankruptcy more than once in their lifetime. There is no limit on the number of times you file for bankruptcy, but there is a waiting period before you can file again. The amount of time will depend on the type of bankruptcy you previously filed and the type that you hope to file in the future.
At Riverwest Law Firm, we represent individuals who are considering filing for personal or business bankruptcy throughout Wisconsin. Our experienced legal team can help you understand your right, including how long you must wait before you are eligible to file again. If you are thinking about filing for bankruptcy, contact our office at (414) 369-2390 to schedule a free consultation.
How Many Times Can I File for Bankruptcy?
There is no limit as to the number of times that you can file bankruptcy throughout your lifetime. The law recognizes that people can run into financial difficulties more than once and allows them to utilize the protections that bankruptcy offers multiple times.
There are, however, required waiting periods. The amount of time depends on the type of bankruptcy that you previously filed and the type that you will be filing next.
How Long Do I Have to Wait If I Filed for Chapter 7 Bankruptcy?
If you previously filed Chapter 7 bankruptcy, the amount of time you will need to wait to file bankruptcy again will depend on which type of bankruptcy you plan to file in the future.
If you previously filed Chapter 7 bankruptcy and you:
- Plan to file Chapter 7 bankruptcy again - You must wait eight (8) years.
- Plan to file Chapter 13 bankruptcy - You must wait four (4) years.
The waiting period begins from the date you filed your previous bankruptcy, not the date your bankruptcy was discharged.
How Long Do I Have to Wait If I Filed for Chapter 13 Bankruptcy?
As with a Chapter 7 bankruptcy, the amount of time you will need to wait to file a new bankruptcy will depend on what kind of bankruptcy you hope to file in the future.
If you previously filed Chapter 13 bankruptcy and you:
- Plan to file Chapter 7 bankruptcy - You must wait six (6) years.
- Plan to file Chapter 13 bankruptcy again: You must wait two (2) years.
There is an exception to the waiting period if you previously filed Chapter 13 bankruptcy and hope to file Chapter 7 bankruptcy in the future. You may be able to file in less than six years if you fully paid your unsecured creditors. It is important to discuss your case with a bankruptcy attorney, as the laws are complex.
Considering Filing for Bankruptcy in Wisconsin? Contact Our Office.
Are you considering filing for bankruptcy in Wisconsin? Our lawyers can help walk you through the process. We know the law and will ensure you get the best possible resolution to your case. Contact our office at (414) 369-2390 to schedule a free, confidential consultation.
