Filing for personal or business bankruptcy more than once is more common than you’d think. A 2006 study found that 8% of filers end up filing a second time, even after 2005 changes enacted to curb repeat filing. Although the type of bankruptcy dictates how often you can file and receive a discharge, you can generally file a new bankruptcy case unless the bankruptcy court has specifically barred you from filing.
If you filed a bankruptcy case and did not receive a discharge, you can generally file a new bankruptcy case, though these repeat cases may not receive all of the protections a first-time filer would receive.
How Many Times Can You File for Chapter 7 Bankruptcy in Arkansas?
After receiving a Chapter 7 discharge, you must wait 8 years from the date that case was filed before you are eligible for another Chapter 7 discharge. To be eligible for a Chapter 13 discharge following a Chapter 7 discharge, you must file the Chapter 13 case at least 4 years after the filing date of the Chapter 7 case. After discharging your unsecured debts through Chapter 7, an immediately filed Chapter 13 bankruptcy could be used to pay off tax debts or other types of debt that survived the prior case. If you do not receive a Chapter 7 discharge, you may be able to refile bankruptcy without penalty depending on the circumstances surrounding the lack of discharge.
How Many Times Can You File for Chapter 13 Bankruptcy in Arkansas?
After receiving a Chapter 13 discharge, you must wait 2 years from the date the case was filed in order to file a new Chapter 13 case. In most situations, this means that there is not a waiting period before filing a new case, as Chapter 13 plans are for 3 to 5 year periods. If you have received a Chapter 13 discharge, you must wait six years from the date the Chapter 13 case was filed before a Chapter 7 case may be filed.
As an additional note, the six-year waiting period from the date of filing a Chapter 13 case to a Chapter 7 could be waived if you paid back 100% to your unsecured creditors in your Chapter 13 plan, or if you paid back 70% of unsecured claims and the court found the original case to be in good faith and your best effort.
As you can tell, the time limits are complicated, and if you’re not careful, you could find yourself unable to file when you need it most. Let the experienced team at Natural State Law help guide you through the process. Call (501) 916-2878 today to learn more.