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The wait to file for a second bankruptcy

People in Kentucky who have previously filed for bankruptcy might wonder if they can do so again. It is possible to file for a second bankruptcy, but how soon one can make that filing will depend on the circumstances of both bankruptcies.

There are two types of personal bankruptcies, Chapter 7 and Chapter 13. In a Chapter 7 bankruptcy, a person is excused from paying back most of their debts. However, they must wait eight years from the initial filing in order to file for Chapter 7 again. In a Chapter 13 bankruptcy, a filer works out a payment plan to repay debts over three to five years. A person who has filed for a Chapter 7 can file for a Chapter 13 after four years.

One who has already filed for a Chapter 13 bankruptcy must wait at least two years before doing so again. This is usually not an issue since a Chapter 13 bankruptcy generally takes about three years to complete. A filer who wants to follow a Chapter 13 bankruptcy with a Chapter 7 bankruptcy must wait four years. A person whose bankruptcy case was dismissed without completion must wait 180 days to file again.

Those struggling with debt may want to use bankruptcy as an option. For a debtor who wishes to keep their home or another major asset, Chapter 13 may be the best option. An attorney may be able to explain the process as well as dispel some myths about bankruptcy. For example, some people might feel that filing for bankruptcy is irresponsible or that it will ruin their credit. In fact, bankruptcy can be a responsible way of dealing with overwhelming debt, ending creditor harassment and getting a fresh start.

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