How Much Time Must Lapse From a Previously Filed Chapter 7 or Chapter 13 Bankruptcy?

Can you file a new bankruptcy if you filed a prior bankruptcy? The better question is, if you previously filed bankruptcy, how long do you have to wait to file a new bankruptcy in order to obtain a discharge of new debt? Usually, it is pointless to file bankruptcy if you are not going to obtain a discharge of debts at the conclusion of the bankruptcy.

How Much Time Must Lapse From a Previously Filed Bankruptcy in Order to File Chapter 7?

More than 8 years must have elapsed from a prior discharged Chapter 7 filing in order to obtain a discharge in a new Chapter 7.

More than 6 years must have lapsed since a prior discharged Chapter 13 filing in order to obtain a discharge in a new Chapter 7. Exceptions to the 6-year requirement in a prior Chapter 13 are if you paid 100 percent of the allowed unsecured claims, or at least 70 percent of the unsecured claims and the plan was in good faith and the debtor’s best effort. See 11 U.S.C. §727(a)(8) and §727(a)(9).

How Much Time Must Lapse From a Previously Filed Bankruptcy in Order to File Chapter 13?

The times are much shorter to file a Chapter 13. Only 4 years since a previously filed and discharged Chapter 7 or Chapter 11 bankruptcy are required in order to file a new Chapter 13 and obtain a discharge. For a previously filed and discharged Chapter 13 the time is only 2 years. See 11 U.S.C. §1328(f)(1) and §1328(f)(2).

Debt Limits in a Chapter 13

It is important to note that to qualify as an individual debtor in a Chapter 13 the unsecured debts must be less than $419,275, secured debts must be less than $1,257,850, and you must have regular income.

The time clock begins from the date of filing the prior bankruptcy, not the date of discharge. So, for example if you filed a Chapter 7 on April 15, 2015, that was later discharged, you must wait until April 16, 2023, to file another Chapter 7, if you want a discharge.

Questions? Have your financial situation considered by an experienced bankruptcy attorney and former Trustee for the U.S. Bankruptcy Court. Call or contact Martin Long at LONG & LONG P.C. now at 303-832-2655, or www.denverbankruptcylawyer.net.