An individual can file a bankruptcy case at any time. The issue turns on whether the court will grant that individual a discharge of his debts.
Chapter 7 “Straight Liquidation” Cases
An individual can file a Chapter 7 bankruptcy and receive a discharge 8 years after the date he previously filed a Chapter 7 or Chapter 11 bankruptcy.
An individual can file a Chapter 7 bankruptcy and receive a discharge 6 years after the date he previously filed a Chapter 12 or Chapter 13 bankruptcy.
An individual filing a Chapter 7 after filing a Chapter 12 or 13 may be able to file and receive a discharge sooner if his payments under the Chapter 12 or 13 plan totaled at least:
1) 100% of the allowed unsecured claims, or
2) 70% of the allowed unsecured claims and the plan was proposed by the
individual in good faith and was the individual’s best effort.
Chapter 13 “Consumer Debt Repayment Plan” Cases
An individual can file a Chapter 13 bankruptcy and receive a discharge 4 years after the date he previously filed a Chapter 7, Chapter 11, or Chapter 12 bankruptcy.
An individual can file a Chapter 13 bankruptcy and receive a discharge 2 years after the date he previously filed a Chapter 13 bankruptcy.
* Please note the above time periods run from filing date to filing date.
About Me
- Telpner Peterson Bankruptcy Blog
- I am the Iowa State Chair for the National Association of Consumer Bankruptcy Attorneys as well as a member of several bar associations. I represent debtors in pre-bankruptcy planning and filing consumer and small business bankruptcies. I assist debtors in maximizing their exempt assets, avoiding 707(b) complaints and dischargeability issues. I also advise clients on debt settlement workouts and handle foreclosure and repossession cases.