Bankruptcy Lawyer Bryan W. Stone answers the question: “Should I file bankruptcy?”
Filing for bankruptcy is one of the toughest financial decisions a person has to make in their life. However, in some cases, people need to file for bankruptcy not just once but multiple times.
Can you file for bankruptcy a second time? How often can you get your debts discharged through a bankruptcy filing in North Carolina?
- What bankruptcy chapter you filed before;
- When you filed for bankruptcy the first time; and
- The outcome of your previous bankruptcy case.
If you are considering filing for bankruptcy a second time, consult with a North Carolina bankruptcy attorney to determine whether you are eligible to discharge your debts again.
Is There a Limit on the Number of Times I Can File for Bankruptcy?
No, there is no limit on the number of times you can file for bankruptcy in North Carolina. In fact, you can file for bankruptcy as many times as you want as long as you wait the required number of years between the filings.
It is advised to speak with an experienced bankruptcy lawyer in North Carolina to determine whether you are eligible for a second bankruptcy filing.
How Long Should I Wait to File for Bankruptcy a Second Time?
There are certain time restrictions for filing for bankruptcy a second time after your debts have been discharged. However, the time limits depend on what chapter you filed in the past and what chapter you are planning on filing now.
While you can file for bankruptcy more than once, this is how much you must wait to file for bankruptcy after the last bankruptcy filing:
- Eight years after Chapter 7 to file for Chapter 7;
- Six years after Chapter 13 to file for Chapter 7;
- Four years after Chapter 7 to file for Chapter 13;
- Two years after Chapter 13 to file for Chapter 13.
As you can see, you will have to wait less if you are filing for Chapter 13 bankruptcy after the last discharge of debt in North Carolina.
What Was the Outcome of Your Last Bankruptcy Case?
When you can file for bankruptcy a second time also depends on the outcome of your last bankruptcy case. The time restrictions above apply to bankruptcy cases that were closed after discharging the debts.
However, how soon you can file for bankruptcy after the last filing is different if your case was dismissed and your debts were not discharged. If your case was dismissed “with prejudice,” you may be required to wait 180 days to file for bankruptcy a second time.
North Carolina courts can dismiss a bankruptcy case with prejudice when the debtor fails to follow court orders or attempts to abuse bankruptcy rules. If your case was dismissed due to bankruptcy fraud, the court could prohibit you from filing for bankruptcy for much longer or even ban you for life.
Thus, if your bankruptcy case was dismissed, it is advised to speak with an attorney to determine how long you will need to wait to file for bankruptcy a second time. Contact our bankruptcy lawyers at Arnold & Smith, PLLC, to discuss your particular situation. Get a phone or video consultation by calling at (704) 370-2828 to speak with our detail-oriented and well-versed lawyers, or fill out our contact form. Now taking cases throughout North Carolina with offices in Uptown Charlotte, Mooresville and Monroe.
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