You did it, you filed for bankruptcy. After your Chapter 7 filing was approved and your debt discharged, you worked hard to improve your financial situation, but despite your best efforts, you have found yourself facing similar economic struggles again. This is a situation in which many Illinois residents have found themselves. What can you do?
Did you know you may be able to file for bankruptcy again? It is true. In order to do it, though, you will have to wait a certain amount of time between filings.
So, how long do you have to wait? It all really depends on the type of bankruptcy you are wanting to file the second time around. If you wish to file another Chapter 7 bankruptcy, you will have to wait eight years between filings. If, however, you wish to pursue a Chapter 13 bankruptcy, the waiting period is cut in half.
Does anyone want to file for bankruptcy, whether it is a Chapter 7 or Chapter 13, more than once? Not really. No one wants to keep finding him or herself in dire financial straits. Unfortunately, often for reasons outside of one’s control, it happens. When it does, it is okay.
For Illinois residents, preparing a Chapter 7 filing or even switching it up and filling out a Chapter 13 bankruptcy petition can be easy enough to do. However, it can be challenging to get court approval without help. To learn more about multiple filings, waiting periods and how an attorney can help you, please take a moment and visit our firm’s website.