How Many Times Can You File for Bankruptcy in New Jersey?
Sussex County law firm helps with subsequent bankruptcies
Sometimes, people need to file for bankruptcy more than once, or might need to convert one type of bankruptcy to another. The Law Offices of James C. Zimmermann understands these complex situations and can guide you toward the best available debt relief option. From offices in Vernon, Wayne, Pompton Lakes, Hackensack and Nutley, we help New Jersey residents tackle their financial challenges regardless of their specific circumstances.
Mandatory waiting times between bankruptcies
Federal law does impose mandatory waiting periods between bankruptcy filings. When you file for Chapter 7 bankruptcy and receive a discharge of your debts, you must wait eight years to file another Chapter 7 petition, or four years to seek a Chapter 13 repayment plan. If you filed a Chapter 13 bankruptcy that was successfully discharged, you may refile under Chapter 13 within two years of the previous filing date. A previous Chapter 13 filer might have to wait six years to seek relief pursuant to Chapter 7 bankruptcy, but there could be extenuating circumstances that alter that date. We will review the facts in your case and explain when you may file.
Factors that affect eligibility for a second or subsequent bankruptcy
In addition to the waiting period, your eligibility to refile for bankruptcy may be affected by other factors, such as:
- Whether your debts were discharged
- If you completed your Chapter 13 repayment plan
- If you were deemed to have acted in good faith or accused of abusing the bankruptcy process in the earlier proceeding
A Passaic County bankruptcy lawyer from our office will advise as to whether these issues or others will affect your ability to obtain debt relief.
Steps a Sussex County bankruptcy attorney will take to help you
If you need to file a second or subsequent bankruptcy, we will first determine which types of bankruptcy are available to you, and how soon you may file. We will also advise you of specific consequences associated with each option, so you can make an informed decision on how to proceed. You can count on us to have your best interests always in mind.
Consequences of multiple bankruptcy filings
Filing a second or subsequent bankruptcy might, depending on the circumstances, have negative consequences, such as:
- Lowering your credit score
- Potential limitation or elimination of the automatic stay that prevents creditors from contacting and taking action against you
- Possible increased likelihood that a debt discharge will not be granted
Regardless of the specific situation, we will press for a result that restores your financial freedom.
Switching from one type of bankruptcy filing to another chapter
Sometimes, you might wish to consider switching a bankruptcy from Chapter 7 to Chapter 13 or vice versa. For instance, if you filed for Chapter 13, but the court and your creditors won’t agree to a reasonable repayment plan, you might find Chapter 7 to be a better option for you if you are eligible to do so. On the other hand, converting from Chapter 7 to Chapter 13 may save your home and other assets, but will tie up your disposable income as you satisfy the repayment terms over a number of years. We will review all of the pros and cons with you to help you decide whether conversion is the right choice.
Get a free consultation about filing for bankruptcy again
At the Law Offices of James C. Zimmermann, our experienced New Jersey bankruptcy attorney can handle the most complex issues, including cases of debtors who previously sought bankruptcy relief. To schedule a free initial consultation, call 973-764-1633 or contact us online. Our offices are in Vernon, Wayne, Pompton Lakes, Hackensack and Nutley.
