Can I File for Bankruptcy Again?

by
Richard Fonfrias, J.D.
Chicago's Financial Rescue & Bankruptcy Lawyer
Fonfrias Law Group, LLC



It's not uncommon that people who have filed bankruptcy in the past feel the need to file again. Our recent poor economy, poor job market, employment layoffs, and sky-high medical bills give you plenty of reason to ask about filing another bankruptcy.

Whether you can file again depends on the type of bankruptcy you previously filed - and what type of bankruptcy you want to file now.

If your previous bankruptcy was a Chapter 7 (liquidation), which erases nearly all of your debts, then the law requires that you wait 8 years from your previous filing date before you can file a Chapter 7 bankruptcy again.

If you previously filed another type of bankruptcy, then you don't have to wait as long. The details are complicated, so if you're considering another bankruptcy, I invite you to call me and let's discuss your current situation.

The "automatic stay" granted by the Federal Bankruptcy Court, which stops creditors from taking or continuing any collection action against you, might not be available to you. Here are specifics:

If the Federal Bankruptcy Court dismissed two or more of your bankruptcy cases within the past year, then the Court will not grant you an automatic stay. If the Court dismissed only one of your bankruptcy cases in the past year, then the Court will grant you an automatic stay for only 30 days.

In both of these cases, your lawyer can ask the Bankruptcy Court to lengthen the automatic stay. It may or may not do so based on your circumstances.

If you are in the Chicago area and are considering filing for a second bankruptcy, please give me a call to discuss the specifics of your individual situation to see if you qualify to file for bankruptcy again in Illinois. I am a Chicago bankruptcy and financial rescue lawyer with years of experiences serving clients throughout the state of Illinois. I help people solve their serious financial problems, including bankruptcy, avoiding foreclosure, debt management and tax defense. I am available to help you in any way I can, please call or send email me at rich@chicagomoneylawyer.com.