How Many Years Can I Have Between Bankruptcies
When thinking about whether to file for bankruptcy again, the first question we need to answer is which bankruptcy filing was previously discharged. Check the table below it will show you how soon you can file Chapter 7 after Chapter 7 and 13, in addition to when you can file Chapter 13 after Chapters 7 and 13.
|6 years from the first filing date
Chapter 7 to Chapter 7 : If you received a Chapter 7 discharge and want to file Chapter 7 again, you will need to wait eight years before filing again. Please note that the eight years begins on the original date of the previous Chapter 7 bankruptcy filing and not the discharge date.
Chapter 7 to Chapter 13 : If you previously filed a Chapter 7 bankruptcy, successfully received a discharge, and would like to file a Chapter 13 case, you will need to wait for four years after the date of filing of your Chapter 7.
The point of filing in this order is not to discharge the debts but to secure additional time to catch up on them. It can be difficult to qualify for a Chapter 7 bankruptcy and then show you have the means to pay for a Chapter 13 plan, so please consult with a bankruptcy service before taking this route.
Chapter 13 to Chapter 13 : If you successfully filed a Chapter 13 case in the past and are looking to file a Chapter 13 case again, you need to wait at least two years from the filing date of the previous case.
Answers To Your Questions About Bankruptcy In Wisconsin
Are you facing overwhelming debt and contemplating bankruptcy? There is a great deal ofmisinformation when it comes to the bankruptcy process. With 20 years of experience as a Milwaukee bankruptcy attorney, I understand that in these tough economic times, many people are forced to examine their debt relief options.
No matter your situation, I can help you regain a sense of hope and show you how to take legal action to resolve your financial difficulties. My law office has been able to help thousands of men and women throughout the state of Wisconsin find hope in the midst of a difficult situation. I take a caring approach to every new case, I inform my clients of all of theirdebt relief options, and many times I am able to help them avoid bankruptcy altogether.
Your initial consultation is free of charge! Call 298-1041 orcontact us online in order to schedule a consultation with our skilled bankruptcy attorney.
If a client does decide to file bankruptcy, my team walks them through the process step-by-step, helps them decide which chapter to file, and assists with all of the necessary paperwork. I truly enjoy helping others. Nothing makes me happier than being able to help my clients regain financial freedom. That’s why I offer my free of charge after bankruptcy.
If Your Previous Bankruptcy Was A Chapter 7
If you previously filed Chapter 7 bankruptcy successfully, this means you may have had some of your assets liquidated to pay off delinquent debts. You also had debts included in your bankruptcy discharged.
If you are in a position where you are once again struggling to repay delinquent debts, you must wait at least eight years before you can file for Chapter 7 bankruptcy again. Keep in mind, however, that the eight years begins from the original date of filing and not the original date of the first Chapter 7 bankruptcy discharge.
You may, however, file a Chapter 13 bankruptcy and receive a discharge after a successful Chapter 7 case after waiting only four years.
Yesner notes that occasionally you can file a motion for Chapter 13 bankruptcy sooner than four years after a Chapter 7 bankruptcy and that this scenario is a lot more common than people think. Its so common, in fact, that attorneys have come up with a slang term to describe a Chapter 7 bankruptcy followed promptly by a Chapter 13 bankruptcy. This slang term, which is not really a type of bankruptcy at all, is called a Chapter 20. According to Yesner, some courts allow this type of case to proceed and others do not.
Yesner offered the following example to explain how he is helping a client in this exact situation:
Recommended Reading: Can You Rent An Apartment After Bankruptcy
How Often Can Someone File For Bankruptcy
As an example, you could file Chapter 7 bankruptcy to eliminate most of your unsecured debt. At some point down the road, you could file Chapter 13 bankruptcy, which would allow you to reduce certain payments, eliminate a second mortgage, removal all junior liens and pay off specific debts more quickly than without filing.
I Am Currently In A Consumer Proposal But Now I Have New Debt Can I File A Second Proposal
If you are currently in a consumer proposal but have incurred new debt during your filing, you cannot include this new debt in your current proposal. You also cannot file a second consumer proposal on this new debt while in an active consumer proposal. If this new debt is too much for you to repay on your own and keep going with your current proposal, you have options to collapse or amend the current proposal and file another insolvency, depending on your situation.
Also Check: How Do I File Bankruptcy In California
How Often Can You File For Bankruptcy
During your lifetime, you can file for bankruptcy protection as many times as you need it. There is no limit to how many times you can file, but there are time limits between filing dates.
You could file but not receive any debt discharge in some cases, so you need to be careful.
The U.S. Bankruptcy Code determines the time limits based on what Chapter you file under. The clock starts on the day you filed the previous bankruptcy case . These time limits refer only to bankruptcies where you have received a discharge of your debts.
Conditions That Can Revoke A Bankruptcy Discharge
While there is a chance for you to file for bankruptcy many times in your lifetime, it is critical to note that there are certain conditions that can lead to the revocation of your bankruptcy discharge. Regardless of whether you have been successful in filing for bankruptcy in the past, bankruptcy should not be used as a means to run away from your obligations.
The bankruptcy court can still revoke or deny your discharge if you do the following things:
A request for revocation on your bankruptcy discharge will be filed if you are proven to have conducted any of the activities above. The request can be filed within a year of the discharge or before the date the case is closed.
The bankruptcy court will decide whether the allegations for fraudulent, concealment or unacceptable activities are true before any revocation occurs.
Read Also: Can You File Bankruptcy On Sba Loan
Will The Bankruptcy Stop Bill Collectors From Calling
Yes. The bankruptcy will temporarily stop virtually all actions that a creditor can take against you, your property, and assets. Once you file, your creditors must work through the bankruptcy court process. This means that debt collection lawsuits, utility shutoffs, foreclosures and repossessions will be stopped .
Read the Law: 11 U.S.C § 362
Chapter 13 To Chapter 7 Time Limit
The standard wait is six years, but its not chiseled in stone.
The waiting period is often waived if you repaid all your debts under Chapter 13 provision, or you repaid at least 70% of them and showed a good-faith effort to pay them all.
If you meet those requirements, you could file for Chapter 7 within a year of the Chapter 13 discharge.
Recommended Reading: How To Obtain Bankruptcy Discharge Papers
Dont Do It Alone: Contact Our Irvine Bankruptcy Attorney
How many times can you file for bankruptcy? The answer is: as many times as you need to within certain time limits.
If youre considering filing for bankruptcy in California and have filed in the past, its very important that you talk to an attorney. There are some exceptions to the rules and your attorney can let you know if youre eligible.
If you have any questions regarding bankruptcy in California, do not hesitate to reach out to our Irvine bankruptcy attorney today!
What Is The Difference Between Business Bankruptcy And Personal Bankruptcy
Personal bankruptcy is for individuals who, under their current circumstances, are not able to repay the debt that they have acquired. An individual wishing to declare personal bankruptcy will either file what is known as a Chapter 7 bankruptcy case or a Chapter 13 bankruptcy case. Its possible for an individual to file under Chapter 11, but it is much more complicated, so most people pursue either a Chapter 7 or 13 bankruptcy.
Chapter 7 bankruptcy is for people who have little income and therefore, no reasonable hope of repaying their debts. A successful Chapter 7 bankruptcy case will result in the forgiveness of and discharge of qualifying debt .
Chapter 13 bankruptcy is for people who have income and could actually manage their debt if they had a workable payment plan. This chapter will help someone who is struggling to pay debts, but is not completely insolvent.
Businesses can also file for bankruptcy. A business wishing to declare bankruptcy will either need to file under Chapter 7 or Chapter 11.
A business filing Chapter 7 bankruptcy will have their debts discharged, but the entity must be dissolved afterward and the business will no longer exist.
In addition, businesses filing for bankruptcy can cancel contracts with creditors if it would be financially favorable to both parties to do so. Individuals filing for bankruptcy do not get that option for debt exempt from bankruptcy.
Don’t Miss: Can You Get An Apartment After Filing Bankruptcy
What Things Should I Avoid Before Filing Bankruptcy
There are numerous mistakes that I see people make before bankruptcy. Bankruptcy is complicated and is filled with numerous traps and pitfalls. If you are beginning to encounter financial difficulties, it is never too early to consult with a bankruptcy attorney. By meeting with an experiencedMilwaukee bankruptcy attorney early enough, you can ensure you won’t make some of the many mistakes that can complicate your bankruptcy case.
Some of the many mistakes I often see include:
- Large amounts of credit card use before filing bankruptcy – including charges, cash advances and balance transfers
- Paying off loans to friends or relatives prior to filing bankruptcy
- Transferring or selling an asset because you are worried about losing it when you file bankruptcy
- Concealing assets or not disclosing assets to your attorney
How Often Can You Receive A Discharge
When you’ve received a bankruptcy discharge in the past, and you’re in need of debt relief again, timing is essential. Here’s how much time must elapse from the filing date of the previous case if you’d like a discharge in the current matter:
- Filing Chapter 7 after Chapter 7. Eight years.
- Chapter 13 after Chapter 13. Two years.
- Chapter 13 after Chapter 7. Four years.
- Chapter 7 after Chapter 13. Six years. However, the waiting period won’t apply if all of the unsecured creditors were paid in full, or if the unsecured creditors received at least 70% and you proposed a good faith plan that represented your best efforts.
Sometimes a discharge isn’t needed. For instance, Chapter 13 bankruptcy will stop collection actions an allow the filer to spread out nondischargeable debt , such as child support or unpaid taxes, over three to five years.
Don’t Miss: Dave Ramsey Engagement Ring
There Are Rules In Place Regarding How Often You Can File Bankruptcy
While the foremost question you may have in mind regarding bankruptcy involves the total number of times that you can file, the more important detail might be how often you can do so. If you have filed for chapter 7 bankruptcy in the past, when you did so will be key in determining how soon youll be able to file again.
In the simplest terms, you will have to wait at least eight years from the date of your previous filing to file for chapter 7 bankruptcy again. If you previously filed for a chapter 11 bankruptcy, you will also have to wait eight years before choosing a chapter 7. It is important to note that this eight year period begins the day that your previous bankruptcy was filed and not the date on which it was discharged.
There are several other types of bankruptcies that you may have previously filed that have different times constraints in regard to how soon you can file a chapter 7 bankruptcy afterward, so if this is your first time considering this specific chapter of bankruptcy, you may be in luck. Chapter 12 or chapter 13 bankruptcy requires at least a six year wait before filing for chapter 11, unless you have met certain, fairly stringent financial requirements in terms of what you have repaid from your bankruptcy agreement. If you are filing for chapter 13 bankruptcy, you may have a significantly shorter wait since your last filing, so be sure to consult with your bankruptcy attorney about which chapter is the best option for your situation.
How Much Does It Cost To File Bankruptcy In Wisconsin
You may be able to pay bankruptcy filing fees in installments.
In Wisconsin in 2020 it costs $335 to file for Chapter 7 bankruptcy and $310 to file for Chapter 13 bankruptcy. The cost to declare bankruptcy in Wisconsin is the same for an individual or a married couple. If you cant pay the filing fee all at once, the court may allow you to make installments.
Bankruptcy filing fees are completely non-refundable.
Errors or omissions on critical bankruptcy forms could lead to a loss of assets. You need professional advice!
You might wonder Why can’t I just file for bankruptcy myself?
Dont even think about it.
Filing for bankruptcy on your own is called pro se filing . This is absolutely not the best way to go about declaring bankruptcy. Learning how to file for bankruptcy in the State of Wisconsin, or anywhere else in the country, is not something you should be doing on the fly with the possibility of losing assets on the table.
Yes, you are well within your legal rights to file for bankruptcy without a lawyer. Legally speaking, there is no requirement for counseling from a personal bankruptcy lawyer. However, filing by yourself exposes you to serious risk of losing assets like your car or house, or having your case dismissed entirely.
You Will Be Discharged From Bankruptcy
A discharge releases you from the legal obligation to repay the debts you had as of the date you filed for bankruptcy, except for specific types of debts that are excluded by law. These include alimony and child support payments, student loans , court-ordered fines or penalties, and debts arising from fraud.
The timing of your discharge depends on a number of factors, including whether this is your first bankruptcy, and whether you are required to make surplus income payments.
Timing of your discharge from bankruptcy
If this is your first bankruptcy and you are not required to make surplus income payments , you will be eligible for an automatic discharge from bankruptcy in nine months. If your surplus income is higher, your bankruptcy will be extended to 21 months and you will be required to make payments from your surplus income.
Your discharge from bankruptcy will happen automatically if
- the discharge is not opposed by the LIT, a creditor or the Office of the Superintendent of Bankruptcy
- you have attended the mandatory financial counselling sessions and
- this is your first or second bankruptcy.
To ensure that a greater percentage of debts is repaid to creditors, the following standards set out when an automatic discharge will occur.Timing of your discharge from bankruptcy , First Bankruptcy
|Surplus income is greater than $200 per month
|36 months after filing
Your Trustee May Sell Your Assets
You are able to keep:
- ordinary household goods
- tools up to a set amount used to earn an income and
- vehicle with a value up to a set amount.
Your trustee can sell other assets including your house and property. You must not dispose of any property belonging to the trustee. You must declare any assets you have when you apply for bankruptcy and any you receive during bankruptcy.
Read Also: How Many Times Has Trump Filed For Bankrupcy
Will I Lose My Assets If I File Bankruptcy
In some cases you can stand to lose assets when you file bankruptcy. That is why Sapinski Law Office, S.C. will review all of your assets with you before filing your case. If you accurately communicate what you have before you file, everything should be protected.
Almost all my clients who file bankruptcy keep 100 percent of their property. I am able to protect their property in a variety of ways. Through careful use of “exemptions” you can protect your assets.
Exemptions are values or dollar amounts which apply to homes, cars, personal property, retirement accounts, depository accounts, cash, and other types of property. The exemption declares an amount up to which that particular type of property is protected. Through careful and diligent use of these exemptions, Sapinski Law Office, S.C. routinely protects the property of bankruptcy clients.
While you can keep your exempt property, non-exempt property can be seized by a Chapter 7 bankruptcy trustee, liquidated, and used to pay your creditors. Many who find they have un-exempt assets can still keep them if they file Chapter 13. Each state has its own set of laws regarding the use of exemptions.
Under the Wisconsin exemptions, you may keep almost all your property, including:
Other assets that may be shielded from liquidation include pensions, security disability benefits, and personal injury awards. Some states allow you to use the federal exemptions. Wisconsin is one such state.