For people suffering from insurmountable debt, filing for bankruptcy can be an effective tool to alleviate some of the pressure. Depending on the type of bankruptcy you file, as well as the kind of debt you have accumulated, you can get much of your debts discharged and begin recovering your financial status. However, even though declaring bankruptcy can be useful for wiping out debts, that does not mean you may not end up in another difficult monetary situation. There are no limitations on the number of bankruptcies you can file. Although, if you declare another bankruptcy too soon after clearing your debts, you may not be entitled to another debt discharge. The period of time required to be eligible for another discharge can vary depending on the type of bankruptcy you initially filed, as well as the one you are currently trying to declare. Whether it is your first time or not, if you are considering filing for bankruptcy in New York, do not hesitate to contact a Newburgh bankruptcy lawyer from the Law Offices of Michael D. Pinsky, P.C. to schedule a free consultation.
How long after a first bankruptcy must I wait to be eligible for another discharge in New York?
In order to be eligible for another bankruptcy discharge, a certain period of time must pass depending on the type of bankruptcy chapter you originally filed. For example, if you declared Chapter 7 bankruptcy, you must wait eight years after the filing date to qualify for another debt discharge if you plan to file for another Chapter 7 bankruptcy. When it comes to a Chapter 13 bankruptcy, two years must pass before you can be eligible for a new discharge.
However, the waiting period can change if you file for a different bankruptcy chapter. If you initially filed for Chapter 7, the time limit before you can qualify for another debt discharge would only be four years if you were to declare for Chapter 13. For those who originally filed for Chapter 13, the time window to be eligible for another bankruptcy discharge if they declare for Chapter 7 would be six years.
Keep in mind that declaring for multiple bankruptcies can also be considered abusive bankruptcy filing depending on the situation. For instance, this can apply to those who attempt to file for Chapter 7 without meeting the qualification standard to have their debts discharged. It can also apply to individuals who declare bankruptcy specifically to evade creditors. If you are guilty of tactics like these when filing for another bankruptcy, it can disqualify you from getting a new discharge.