San Mateo Bankruptcy Attorney Discusses Filing More Than One Bankruptcy

Over the course of a lifetime, a person or couple might find themselves in need to file bankruptcy more than once. For example, a person might have had credit problems in their early twenties due to youth and inexperience. This person will most likely qualify for a Chapter 7 bankruptcy since he/she has little or no assets at the time. However, this same person, at the ripe age of 50 might have suddenly become unemployed and unable to meet his bills. In that case the person may need a Chapter 13 bankruptcy to preserve his/her family residence. If you need a San Mateo Bankruptcy Attorney please call Sagaria law at 650.366.9888 for a free consultation.

The government does not limit the number of times a person can file for bankruptcy. However, the government does have specific timeframes as to when the bankruptcies may be filed. The length of time may seem like a long time but they are meant to prevent an abuse of the system. Specifically, the waiting periods between filings are necessary to prevent serial filers or the debtors who constantly file bankruptcy. Also, the waiting periods serve as a reminder to the debtor that there are consequences to filing a bankruptcy and a debtor will have to take ownership of their finances during this time period.

The most common perception is that a debtor must wait 8 years between filing chapter 7 bankruptcies. However, a debtor who filed a chapter 7 bankruptcy need only wait 4 years before filing a chapter 13 bankruptcy. Like our scenario above, the court does not want a debtor to wait 8 years before they preserve an asset like a house. The Debtor may file for a chapter 13 bankruptcy after only 4 years of filing the chapter 7.

The bankruptcy court is not as lenient if a debtor files for a chapter 13 then wants to file a chapter 7. The waiting period is 6 years if the chapter 13 was under a 70% plan.

The bankruptcy court is most lenient to a chapter 13 debtor who wants to file another chapter 13 bankruptcy. The wait then is only 2 years between filing.

If you wish to meet with a San Mateo Bankruptcy Attorney for a consult for bankruptcy, please call Sagaria Law to schedule a consultation at 650.366.9888.