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How Often Can I File Bankruptcy?

Filing Bankruptcy for A Fresh Start in Colorado

Whether you’ve lost your job or experienced insurmountable medical expenses on your credit card, or incessant calls from your creditors, you can get a fresh start by declaring bankruptcy. It is a stressful process, but if you have exhausted other means of resolving the debt you owe, such as credit counseling, filing for bankruptcy exemption may be the only solution left. But when you do a google search for “how often can I file for bankruptcy colorado,” it can be difficult to navigate all the information. Here is the short answer: there is no limit. 

With the help of a professional bankruptcy attorney, you improve your chances of successfully communicating your case and filing your debt-related documents correctly. At the Law Office of Clark Daniel Dray, we offer free consultations to help you get creditors off your back.

Were You Discharged in Your Previous Filing?

A bankruptcy discharge is a moment when you are no longer liable for any debt. It is an order that clears you of your debt from your creditors, such as credit card or medical bills. It is the most important milestone of your bankruptcy filing.

If you did not receive a discharge on your first filing, you could usually file again unless the court gives you an order that prevents you from doing so. This is why bankruptcy discharge affects the answer to “how often can I file bankruptcy in Colorado.” However, if you fail to obey a court order, you might have a waiting period of around six months. 

Moreover, when filing bankruptcy again after being rejected for a discharge, you should work with an experienced bankruptcy lawyer to check if you can still request a discharge for the debts in your first filing. The situation tends to vary, and if you have an unusual case, a seasoned attorney can give you the best chance of getting discharged when filing bankruptcy. 

Is Your Bankruptcy Filing Considered Abusive?

The bankruptcy court might dismiss your case if it is considered abusive. That is, if the request for a bankruptcy discharge is inappropriate, such as delaying a lawsuit. In this situation, you should consider all aspects of your filing bankruptcy to identify possible reasons for dismissal. 

If you constantly abuse the bankruptcy process when filing consecutive requests, you could lose some benefits of filing for bankruptcy, like an automatic stay. An automatic stay is a kind of bankruptcy relief that prevents debt creditors from contacting you about the amount you owe. So, before you file, consult a lawyer if your request may be considered abusive or you might risk losing bankruptcy protection. 

Will You File for Chapter 7 or Chapter 13 Bankruptcy?

As mentioned earlier, there are many kinds of bankruptcy you need to consider if you’re wondering, “how often can I file colorado bankruptcy?” If you’re an individual with credit card debt, you would usually file for either Chapter 7 or Chapter 13 bankruptcy. Both types cater to different cases. They also result in different waiting periods before filing for bankruptcy again.

Here is what you need to know:

Filing Chapter 7 Bankruptcy

According to the bankruptcy law, Chapter 7 is known as “liquidation bankruptcy” because you will liquidate your assets to pay creditors, such as the people or institutions you owe. This applies to both businesses and individuals. You may want to consider credit counseling to see if this is a suitable option for you.

If you intend to file for Chapter 7 bankruptcy again, and your previous filing was for Chapter 7, you will need to wait for at least eight years after your previous filing. However, if your previous filing was for Chapter 13, you will need to consider the following scenarios:

  • If your creditors have been fully paid in your previous filing, you do not need to wait to file Chapter 7 again.
  • You also do not have to wait if you have a “good faith” repayment plan for your creditors, and 70% of their claims were settled in the previous filing. Another condition is that your creditors will be paid with the plan with all of your disposable income to pay your creditor.
  • If less than 70% of your debt to your creditors in the previous Chapter 13 filing is unpaid, you will need to wait for 6 years before you can file Chapter 7 again.

Filing For Chapter 13 Bankruptcy

Chapter 13 bankruptcy leads to a bankruptcy court-approved plan that lasts between 3 to 5 years, during which you will eventually pay your creditor.

If you intend to file a Chapter 13 bankruptcy and your previous case was a Chapter 7 bankruptcy, you should wait four years after your previous filing. On the other hand, if your previous case was a Chapter 13 bankruptcy, and you want to file the same kind of bankruptcy to be free of debt from your creditors, you only have to wait two years before filing again.

Filing For Chapter 20 Bankruptcy

If you have filed a Chapter 13 bankruptcy case immediately after a Chapter 7 bankruptcy case, it is known as a Chapter 20 bankruptcy. This type of bankruptcy is also referred to as “double filing” because it involves filing for two different types of bankruptcy in succession. The advantage of this approach is that it can provide more debt relief from your creditors than pursuing just one type of bankruptcy case. 

Chapter 20 bankruptcy is not in the bankruptcy code. Instead, it is a faster way of saying someone filed for Chapter 13 after a Chapter 7 bankruptcy case.

When you file for Chapter 20 bankruptcy, you will need to wait four years before you are eligible to file for Chapter 13 bankruptcy in bankruptcy court and receive a discharge for the debts listed in your Chapter 7 case. However, some courts do not allow for Chapter 20 bankruptcy cases, so you should consult with a bankruptcy lawyer to determine if this is an option for you.

Call a Bankruptcy Lawyer Now!

Remember that filing for bankruptcy can also affect your credit score in your credit report in the long run. Before settling on Colorado bankruptcy as a solution to your debt, you should have tried other methods, such as debt consolidation. You could also try credit counseling. If all else fails, declare bankruptcy with the help of a bankruptcy attorney to start over with a clean slate. 

Although you have the right to file for bankruptcy, this option is limited by your previous filing and how long it has been since then. Make sure to seek help from a professional bankruptcy lawyer to leverage their legal experience and determine which kind of bankruptcy applies to your situation. Our seasoned lawyers at The Law Office of Clark Daniel Dray are ready to help you with your Chapter 7 or Chapter 13 filing. We guarantee you peace of mind when you work with a bankruptcy attorney from our team. Contact us today!



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