Some debtors find that they fall victim to the 1-2 punch. They have emerged from bankruptcy with a fresh start only to have another disappointment or tragedy to befall them. It may be the sudden death of a loved one, the loss of a job or a major medical event. In any case, bankruptcy is always an option. The question is not whether you can file, but under what chapter you can file and whether you’ll receive a discharge at the end. Here are the basic rules according to which type of case you are now looking to file.
Filing a Chapter 7 case:
1. If you received a discharge in the first Chapter 7 case, you have to wait eight years from the filing date before you can file another bankruptcy under Chapter 7. If this applies to you, you will have to consider filing under Chapter 13.
2. If you received a discharge in a prior Chapter 13 case, the time limit depends on whether you paid back more than 70% of your unsecured debt in the prior case. If you did, there is no waiting period. If you did not, you have to wait six years after the filing of the prior case.
3. If you did not receive a discharge, there is no waiting period. You can file at any time (assuming you still qualify under the income guidelines or the means test).
Filing a Chapter 13 case:
1. If you received a discharge in a prior chapter 7 case, you can file under chapter 13 case at any time. However, if you file the 13 within 4 years of the date you filed the 7, you will not receive a discharge. (Some do this anyway to catch up on a mortgage arrearage.)
2. If you received a discharge in a prior Chapter 13 case, there is a 2-year waiting period — but since nearly every 13 takes longer than 2 years to complete, this rule rarely applies.
3. As with filing under Chapter 7, there is no waiting period if you did not receive a discharge in the prior case