Understanding Bankruptcy 1/9/2020

Filed under: Latest News,Subject Categories |

BY MICHAEL A. CIBIK, ESQ.
AMERICAN BANKRUPTCY BOARD CERTIFIED

Question: When can I file for bankruptcy again?

Answer: If your bankruptcy was dismissed because you failed to make payments to the trustee, failed to provide necessary documents, or for some other reason, you can usually file again immediately.

However, if your bankruptcy was successful and you received a discharge, you might have to wait.

Whether you wait depends on what kind of bankruptcy you filed before. If you filed a Chapter 7, you must wait eight years from the date you filed the bankruptcy. If you filed a Chapter 13, you must wait two years from the date you filed the bankruptcy. Because a Chapter 13 usually lasts for five years, that usually means you can file another one the day after the first one is over.

Next week’s question: What is a bankruptcy exemption?

Michael A. Cibik, Esquire
www.ccpclaw.com
ccpc@ccpclaw.com
215-735-1060

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