We’d all love it if someone could file for bankruptcy once, obtain a fresh start, and never have to worry about filing again.
Unfortunately, wages haven’t kept up with inflation, and many companies seem more interested in price-gouging consumers than in raising wages. Many New Jersey residents will eventually be forced into bankruptcy a second time.
Here’s what you need to know.
Chapter 7
If you want to file again, you must wait eight years from filing your Chapter 7 case.
Chapter 13
You can file Chapter 13 again two years after the date of discharge. That means your first Chapter 13 must be fully paid off.
Changing Chapters
If you want to file Chapter 7 after filing Chapter 13, you’ll have to wait six years and pay off at least 70% of your unsecured debts from your Chapter 13 filing.
If you want to file Chapter 13 after Chapter 7, you’ll have to wait at least four years from your discharge date.
Dismissed Bankruptcy Cases
Note the timelines above are for successfully completed and fully discharged bankruptcy cases. If your bankruptcy case was dismissed with prejudice, the judge will issue an order that prevents you from filing for bankruptcy for a specified period of time.
If the judge believes you committed bankruptcy fraud, the order might prevent you from ever seeking bankruptcy protection again.
You can file again anytime if your bankruptcy case was dismissed without prejudice. When your case is dismissed without prejudice, the judge is indicating there was a procedural error, that the borrower has failed to provide certain documents, has not paid their filing fees on time, or has made errors on the paperwork serious enough to keep the case from proceeding.
However, your automatic stay, one of the most important bankruptcy protections, will last for just 30 days.
Preventing either form of dismissal is one of the primary reasons why it is so important to hire a bankruptcy lawyer before
Get Help Today
To avoid dismissal and to ensure that your entire case is in order when you file, it is vital to speak with a bankruptcy attorney before beginning any part of the process.
If you’re filing bankruptcy for the first time or are filing a repeat bankruptcy, contact Labayan Law to get help today.
See also:
How to Find All Your Debts for Your NJ Bankruptcy Case
The Most Common Bankruptcy Filing Errors
DIY Filing by the Numbers: Why You Need a Bankruptcy Attorney in Newark, NJ