Yes, it is certainly possible to file for bankruptcy twice. In fact, there is technically no limit on the number of filings a person has. You can use the bankruptcy process repeatedly, as long as you have eligible debt and meet other qualifications.
However, there are waiting periods that have been established between repeat bankruptcies. You cannot immediately file again as soon as your current case is discharged. You do have to honor these waiting periods, so, while you are not prohibited from filing twice, it is important to know exactly when you can do so.
One of the most important components is which type of bankruptcy filing you are going to use: Chapter 7 or Chapter 13.
What was your original filing?
For instance, perhaps your original filing was a Chapter 7 bankruptcy case. This is liquidation bankruptcy, so you liquidated non-exempt assets.
If you would like to file for Chapter 7 bankruptcy a second time, you will have to wait eight years after the first case has been discharged. If you would like to file for Chapter 13 bankruptcy the second time, however, you only have to wait four years.
On the other hand, perhaps you used Chapter 13 bankruptcy the first time. This set up a repayment plan and consolidated your debt, rather than liquidating assets.
If you would like to file for Chapter 13 bankruptcy a second time, you have to wait two years to do so. If you would like to file for Chapter 7 the second time, then you will need to wait up to six years. You can sometimes shorten the waiting period when you meet certain requirements and complete the original Chapter 13 repayment plan.
Bankruptcy can be complex
As you can see, using bankruptcy multiple times can be complicated, and these are just a few of the regulations to keep in mind. Be sure you know exactly what legal steps to take and what options you have.
