
When you are struggling with an uncontrollable level of personal debt, filing for bankruptcy is not an ideal outcome. However, it is sometimes the best outcome for your situation because it allows you to make the lifestyle changes you need to make to regain control over your finances and negotiate a fair settlement with your creditors. Whether you file for Chapter 7 or Chapter 13 bankruptcy, you will work closely with the court to ensure that your rights are protected and your debts are paid.
But new emergencies can strike and old habits die hard. It is not unheard of for an individual to find him or herself bankrupt for a second or subsequent time in his or her life. If you find yourself in this situation, know that there is a minimum time limit between discharges you can receive. In other words, if you filed for bankruptcy the first time fairly recently, you might be barred from receiving a discharge until a certain amount of time passes. Do not confuse this with a time limit on filing for bankruptcy again – you can do this at any time. But if you cannot receive a debt discharge, the second or subsequent bankruptcy could be useless.
The Chapter Determines the Time Limit
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