Considerations
The average consumer believes that bankruptcy can only be filed once. In certain instances, the court will permit a debtor to file multiple times. However, the rules for re-filing are stringently regulated and may depend on the outcome of a previous filing. One may be eligible to re-file within 180 days if a case was dismissed for failure to pay fees or complete a certain step of the procedure, for instance.
In contrast, obtaining a debt discharge completely alters the regulations. If a debtor files for bankruptcy and successfully completes the procedure, they must wait between two and eight years before becoming eligible to file again. A debtor who has previously had debts discharged through Chapter 13 must wait at least two years before submitting again. After receiving a Chapter 7 discharge, filers for Chapter 13 must wait at least four years before filing again. Six years must pass after a Chapter 13 discharge before a Chapter 7 petition can be filed. After receiving a Chapter 7 discharge, a debtor must wait eight years before filing for Chapter 7.
Business Bankruptcy
Filing for business bankruptcy differs slightly from filing for personal bankruptcy. Although the processes and case outcomes are comparable, there are additional factors to consider regarding the company's financial matters. While the general rule is that businesses cannot file for Chapter 7 bankruptcy within four years of receiving a Chapter 11 discharge, there are instances in which the court will allow this. There is typically no time limit between Chapter 11 cases in a business bankruptcy. Both of these principles, however, have exceptions.
Before allowing a case to proceed, it is up to the court to determine whether a business has a chance of effectively exiting Chapter 11. With so many businesses filing Chapter 11 for a second or subsequent time in recent months, the effectiveness of this rule is being heavily questioned. It appears that more businesses are filing for Chapter 11 with the intention of reorganizing their debts, but are instead converting their cases into Chapter 7 liquidation cases.
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