Filing for bankruptcy in Texas isn’t always a once-in-a-lifetime occurrence. Some people have to file for bankruptcy twice or three times before they finally get their finances together. If you’re thinking about filing for bankruptcy again, you might have wondered if it’s possible to file too many times.
How many times can you file for bankruptcy?
Technically, you can file for bankruptcy as many times as you want. There’s no bankruptcy law that states you can only file once or twice in your entire lifetime. However, you’ll have to wait a certain period of time before you can discharge your debts again.
If you file for Chapter 7 bankruptcy, you’ll have to wait eight years before you can file for Chapter 7 again. Chapter 7 bankruptcy is popular because it allows people to discharge a large portion of their debts. However, you could file for Chapter 13 only four years after you filed for Chapter 7. Chapter 13 requires more responsibility on your part, so the judge will assume that you’re not just looking for a quick way to eliminate your debts.
If you file for Chapter 13, you could file for Chapter 7 immediately afterward as long as you paid off most of your debts. Otherwise, you’ll have to wait six years before you can file for Chapter 7. You might want to talk to a bankruptcy attorney if one bankruptcy isn’t enough. Some courts will let you file right away while others require a waiting period. Your attorney may help you decide whether it’s wise to use Chapter 13 bankruptcy to knock out some debts and file for Chapter 7 to eliminate the rest.
Is filing for bankruptcy worth the hassle?
Filing for bankruptcy once might seem overwhelming, let alone filing twice. However, bankruptcy isn’t a punishment for people who failed to get their finances together. Instead, it’s a tool that lets you start over with a clean slate. An attorney may help you file for bankruptcy and get most of your debts discharged or paid off. You can’t eliminate every debt when you file for bankruptcy, but you may be able to reduce some of your biggest debts.