Can I Only File Chapter 7 Bankruptcy Once in My Lifetime?

Can I Only File Chapter 7 Bankruptcy Once in My Lifetime?

When in need of debt relief, it is normal and important to ask questions about your options and what those options could mean for your future. You may not want to take certain actions now if doing so could negatively affect you down the line. For example, some Illinois residents believe that they can only file for Chapter 7 bankruptcy once in their lifetime, so it is not something they want to be quick to rush into. The truth is, it is possible to file this type of bankruptcy more than once, so if you need it now, do not be afraid to consider it.

The hope when filing bankruptcy is that you will not need to do anything like it again. The hope is that one time will be enough to improve your financial situation. Unfortunately, you never know when financial problems will strike. You may file for bankruptcy once, get your monetary issues resolved and then years down the line experienced a medical event, job loss or a number of other life events that will totally disrupt any progress you have made in terms of getting your financial state in order.

After you achieve a Chapter 7 approval, if you wish to pursue another bankruptcy filing of the same type, you will have to wait eight years from the date of the original filing. There is no real way around this waiting period. If you wish to pursue a Chapter 13 filing instead, the waiting period would only be four years. More information about required bankruptcy waiting periods can be found on our firm’s website, as can information about how an experienced attorney could help you with multiple filings.

No one wants to file Chapter 7 bankruptcy, once or even more than once. Sometimes it is the only way to help Illinois residents overcome their debt problems, and that is okay. If you are in need of debt relief, regardless of whether you’ve filed for bankruptcy before, legal counsel can help you identify the relief option that will best benefit your situation.

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