Filing Under the Same Bankruptcy Chapter: Chapter 7 and Chapter 13. Here are the timeframes if you plan to file the same bankruptcy chapter that you filed the first time: You’ll have to wait eight years after the filing date of the first Chapter 7 case before filing the second case.

What happens when you file bankruptcy in Massachusetts?

The basic idea in a chapter 7 bankruptcy is to wipe out (discharge) your debts in exchange for your giving up property, except for “exempt” property which the law allows you to keep. (see bankruptcy – Massachusetts exemptions) In most cases, all of your property will be exempt.

When to file Chapter 7 or Chapter 13 bankruptcy?

Chapter 13 before Chapter 7. If the court granted your first discharge under Chapter 13 bankruptcy, you’d need to wait six years (from the Chapter 13 bankruptcy filing date) before filing for a Chapter 7 discharge. You won’t have to wait that long, however, if you paid unsecured creditors in full in the Chapter 13 case, or,…

How many years can I have between bankruptcies?

How Many Years Can I Have Between Bankruptcies? First Filing Second Filing Time Required Chapter 7 Chapter 7 8 years from the first filing date Chapter 7 Chapter 13 4 years from the first filing date Chapter 13 Chapter 13 2 years from the first filing date Chapter 13 Chapter 7 6 years from the first filing date

Can a person file for bankruptcy after having already filed?

And, even if you are allowed to file a case, one of the benefits of that filing— the automatic stay —may be restricted or delayed. There’s a good chance that you can file for bankruptcy after having already gone through one. But, how soon depends on what kind of case you filed earlier, and what you’re planning on filing this time.

How long does it take to file Chapter 13 bankruptcy?

Since most Chapter 13 cases that result in a discharge last more than 2 years (three to five years), as a practical matter, most people can file a new Chapter 13 case immediately after they receive a discharge in a Chapter 13 case. Chapter 7. Chapter 13. Must wait 4 years after filing earlier case.

How long do you have to wait to file Chapter 7 bankruptcy?

Chapter 7 Following a Chapter 7 or 11 discharge, you must wait eight years before filing. If you previously filed a Chapter 12 of 13, however, you must only wait six years after discharge. Chapter 11 and 12

How long does a bankruptcy stay on your credit file?

Bankruptcy is recorded on your credit file for at least six years from the date your bankruptcy started. Find out more about bankruptcy and credit files . How long does it take to go bankrupt?

Can you file bankruptcy again after a 180 day waiting period?

Unless the court orders otherwise, you can file again. A 180-day waiting period may apply if you failed to obey a court order or appear in the case, or you voluntarily dismissed the case after a creditor filed a motion for relief from the bankruptcy stay. The court denied your discharge

Can you file bankruptcy after a bankruptcy case?

There’s a good chance that you can file for bankruptcy after having already gone through one. How soon depends on what kind of case you filed earlier and what you’re planning on filing this time. It also depends on whether the earlier case resulted in discharge.

How long does it take to file Chapter 7 bankruptcy?

You must wait at least 6 years from the date of filing your previous Chapter 13 bankruptcy, to file for Chapter 7 bankruptcy and receive a discharge (unless the exception applies).

What does it mean to file bankruptcy in Michigan?

Chapter 13 is called “debt adjustment”. It requires a debtor to file a plan to pay debts (or parts of debts) from current income. Most people filing bankruptcy will want to file under either chapter 7 or chapter 13. Either type of case may be filed individually or by a married couple filing jointly. (see Michigan Bankruptcy Law’s Chapter 7 or 13?)

Can a person file for bankruptcy a second time?

Bankruptcy law doesn’t set a minimum period that you must wait before filing for bankruptcy a second time. However, there’s a catch. If you file too soon after wiping out debt in a previous case, you won’t be eligible for another debt discharge (forgiveness).

Do you have to file bankruptcy with one spouse in Michigan?

Yes, but your spouse will still be liable for any joint debts. If you file together you will be able to double your exemptions. (see Michigan bankruptcy exemptions) In some cases where only one spouse has debts, or one spouse has debts that are not dischargeable then it might be advisable to have only one spouse file.

Can a married couple file for bankruptcy together?

Beyond just debt, another issue for married couples to consider when evaluating bankruptcy is property owned by the spouses. If one spouse owns property in their name only and is not the spouse filing bankruptcy, it generally won’t become part of the bankruptcy estate.

What happens if I file Chapter 7 bankruptcy and my spouse is not?

If you’re filing for Chapter 7 bankruptcy and your spouse is not, you may be wondering whether they are going to be affected. The short answer is that if your debts are separate, their credit will not be impacted.