Chapter 7 Bankruptcy Filing Rules: Frequency & Requirements Explained

When filing bankruptcy Chapter 7, there are many different rules and regulations that you will have to take into consideration. One of the most important requirements deals with how often you can file for Chapter 7 protection. Here are the basics of Chapter 7 filing frequency and the regulations surrounding it.

Chapter 7 Filing Frequency

Chapter 7 bankruptcy is not something that you can file frequently. This is not a tool you can use whenever you accumulate some debt and would like to eliminate it. This is a tool that is reserved as a last chance for those that have made poor decisions or had extenuating circumstances to deal with.

If you have already filed a Chapter 7 bankruptcy in the past, you will have to wait at least 8 years before you can file another Chapter 7. If you have filed a Chapter 13 bankruptcy in the past, then you will have to wait at least 6 years before you can file for Chapter 7. If you do not meet these requirements, there is no point in trying to file for Chapter 7 bankruptcy as your case will be denied.

Timing

It is important to realize that the 7 years between cases goes from commencement to commencement. It does not matter how long the first case to to complete.