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Filing for Chapter 7 multiple times

For many people, filing for bankruptcy is seen as a last resort in cases of extreme debt load. However, as some Kentucky residents are keenly aware, financial catastrophe can strike more than once, leading some to file for more than one Chapter 7 bankruptcy in their lifetimes, or to switch a Chapter 7 filing to a different kind of bankruptcy protection. There are a variety of ways these goals can be accomplished.

Technically speaking, there are no restrictions on the number of times an individual can file for bankruptcy. With that said, individuals who have already been discharged must wait eight years before another can be filed. This is true of Chapter 7 cases; in Chapter 13 bankruptcy protection, on the other hand, a new case can be filed as soon as the previous one has been closed.

If an individual has already filed for Chapter 13, and for some reason cannot keep up with the court-approved repayment plan, it is possible to change the case to Chapter 7. This involves paying a conversion fee, as well as qualifying for the Chapter 7 filing by taking the means test. If the conversion is approved, nonexempt property that may have been protected under Chapter 13 may need to be given up to pay back creditors in the Chapter 7.

If this all sounds complicated, the truth is it can be. This, coupled with the emotional stress of a high-debt situation, can make filing for Chapter 7 or Chapter 13 daunting. However, Kentucky residents who seek out the help of an experienced bankruptcy attorney are typically in a much better position to navigate the road to financial stability.

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Law Office of Ginger C. Cord, PSC
155 E. Main Street
Suite 330
Lexington, KY 40507

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Phone: 859-963-2073
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