Financial setbacks can happen when you least expect them, and they can happen more than once during your lifetime. If you are caught up in debt, and you have no viable payment plan on the table, you may consider filing for bankruptcy.
However, the fact that you have declared bankruptcy before does not necessarily mean that you cannot take this route again. The simple answer to the question, “Can I go bankrupt multiple times?” is, yes, you can. However, you must meet certain time restrictions to qualify for subsequent discharges.
How frequently can you declare bankruptcy?
While you can go bankrupt multiple times during your lifetime, there are limits to the frequency with which you may file. Here is what you need to know about time restrictions and personal bankruptcy:
Time restrictions on Chapter 7 bankruptcy
Once you successfully discharge your debts via Chapter 7 bankruptcy, you will have to wait for eight years from the date of the discharge to file another Chapter 7. Any application within the eight-year waiting period will be declined. Also, you cannot file Chapter 7 if you successfully filed Chapter 13 bankruptcy in the past six years.
Time restrictions on Chapter 13 bankruptcy
You cannot file for Chapter 13 bankruptcy within four years from the date your Chapter 7 bankruptcy was discharged. And if you have successfully filed for Chapter 13 before, then you can only file a similar bankruptcy after two years.
Protecting your rights and interests
There is no limit to the number of times you can file for personal bankruptcy. There are time restrictions, however. You may not be eligible for another discharge if you file before the expiry of the waiting period.