Bankruptcy can help people who are over their heads in debt discover peace of mind. Once you file bankruptcy, it is expected that you will better manage your finances after your bankruptcy is discharged. However, there are some who find themselves in dire financial situations once again due to divorce, health issues, and other unfortunate instances. If this applies to you, then you should know what your options are for another filing in the state of North Carolina.
Filing for bankruptcy falls under federal rules and laws, which do not limit the number of times you can file for bankruptcy. However, there are restrictions that are dependent on which bankruptcy Chapter you are filing under, and you may need to wait to file for bankruptcy and have your debts discharged again.
If you are considering another bankruptcy filing, you should contact Leslie Craft, an experienced bankruptcy attorney. She can explain how many times you can file bankruptcy in North Carolina, how often you can file, and what the impact of an additional bankruptcy can have on your credit score. She can also review your previous bankruptcy filing, help you choose the right Chapter for your current filing, prepare and file the necessary forms, and represent you in court should you decide to file again.
How Long do I Have to Wait Between Bankruptcy Filings?
The amount of time between bankruptcy filings is dependent on your current or previous bankruptcy filings. Generally the wait time is less to file for Chapter 13 after a previous bankruptcy discharge. Here are some guidelines:
- When filing for Chapter 13 after a previous Chapter 13 discharge, you are required to wait two years from the day you filed. However, Chapter 13 repayment plans are often completed in three to five years before debts are discharged. So, you can file Chapter 13 bankruptcy immediately after your first concludes.
- If you are filing for Chapter 13 bankruptcy after a Chapter 7 discharge, you must wait four years.
- The wait times are longer if you want to file for Chapter 7 bankruptcy after a previous Chapter 7 filing. That wait will be eight years.
- You can file for Chapter 7 six years after filing for Chapter 13 bankruptcy. However, if you repaid all unsecured debts in your Chapter 13 repayment plan, you could file for Chapter 7 immediately. The same applies when you pay 70% of the unsecured debts and make best efforts to stick with the plan.
There are other factors that may play into another filing, such as what was the outcome of your prior bankruptcy? Bankruptcy laws can be very confusing, and this is why you need an experienced attorney representing you. Leslie Craft understands that these guidelines can be very confusing. When Craft Law Office is representing you, we will make sure you understand the appropriate timeline. We will also make sure your case is complete, your debts are categorized properly, and all dischargeable debts are included in your filing. Call us today for a free consultation at 252-752-0297.
