In some circumstances, it makes sense to file bankruptcy twice without receiving a discharge, but not for the majority of people. Additionally, declaring a second bankruptcy too soon can be problematic. The results may be catastrophic.
Once a Chapter 7 petition has been filed, it cannot be automatically """"dismissed"""". This has the effect of transferring your property to a trustee whose task it is to sell it at fire sale prices for the benefit of your creditors. However, for most people, obtaining a nominal reduction in their outstanding debts is not a desirable outcome.
Timing is crucial when applying for bankruptcy a second time. The applicable waiting periods for a second bankruptcy filing are discussed below.
When Did You Initially Receive a Chapter 7 Discharge and When Do You Intend to File Chapter 7?
If you have previously filed for Chapter 7 bankruptcy, you must wait eight years before you can file again. According to section 727(a)(8) of the Bankruptcy Code, this is calculated from the initial filing date to the filing date of the second petition. For instance, if you originally filed on January 1, 2000, you would need to wait until January 1, 2008 or later to amend your return.
2. When Initially Received a Chapter 7 Discharge and When You Intend to File a Chapter 13
If you previously filed Chapter 7 bankruptcy and received a discharge, you must wait four years before filing Chapter 13 in order to be eligible for a discharge under section 1328(f)(1) of the Bankruptcy Code.
A bankruptcy trustee may suggest conversion to Chapter 7 if a Chapter 13 plan is not confirmed. The rule stating that you cannot receive a second Chapter 7 discharge until eight years have passed since your last Chapter 7 filing remains in effect, so in most cases you will want to abandon the Chapter 13 action rather than convert to Chapter 7.
3. When You Initially Obtained a Chapter 13 Discharge and Intend to File a Chapter 7
Under section 727(a)(9) of the Bankruptcy Code, if you received a Chapter 13 discharge, you are ineligible for a Chapter 7 discharge for another six years, with a few exceptions.
4. When you first received a Chapter 13 discharge and when you intend to file Chapter 13
Section 1328(f)(2) of the Bankruptcy Code states that if you received a discharge in your initial Chapter 13 case, you cannot receive another discharge for two years.
5. When any Chapter was Filed but No Discharge Was Obtained
In the majority of cases, you can register again after 180 days. In such situations, it is essential to consult with a bankruptcy attorney.
While it is not uncommon to file for bankruptcy a second time, the timing is crucial if you want to receive a second discharge.""
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