Technically speaking, there’s no limit to the frequency of filing for Chapter 7 bankruptcy, as the act of filing does not by itself result in the discharge of your debts. If you have previously filed for Chapter 7 and had debt successfully discharged, you must legally wait at least eight (8) years to receive an additional discharge in Chapter 7.
Illinois also mandates a waiting period between discharges in different chapters of bankruptcy.
For example, if you’ve previously filed for Chapter 7, you must wait at least four years to have debt discharged in Chapter 13; if you’ve previously filed for Chapter 13, you must wait around six years (with some exceptions) before having debt discharged in Chapter 7.
If you are considering filing for bankruptcy for the second time, it is essential to keep these waiting-periods in mind, as filing too soon after your first bankruptcy is a waste of both time and money. A dedicated and experienced bankruptcy attorney can thoroughly evaluate your financial circumstances, help you navigate the legal process, ensure that your rights are protected, and help you make the decisions which are best for your own financial future.
If you are struggling financially and considering filing for Chapter 7 bankruptcy, you’re not alone. Contact an experienced bankruptcy attorney today for a free consultation.