How Soon Can I File Chapter 7 Again?

File for Bankruptcy How Soon Can I File Chapter 7 Again?

How Soon Can I File Chapter 7 Again?

A lot of people are struggling financially these days. Some, in fact, may be contemplating the prospect of a second bankruptcy.  If you're in such a situation and disputing your debts with a 609 letter or a debt verification letter hasn't stopped the collectors from harassing you, you may be wondering how soon you can file for Chapter 7 again.

Before you file for Chapter 7 a second time, it's crucial to have an idea of what happens when you file for bankruptcy. You also need to understand the effect of bankruptcy on your credit score.  Understanding these things can help you determine whether to go ahead and file for a second Chapter 7 bankruptcy. After all, it's clear that filing for bankruptcy should never be anyone's first choice.

How Soon Can I File Chapter 7 Again?

If you received a discharge of your debt with a Chapter 7 filing, you will need to wait eight years from the time of your first filing before filing again. If you do not wait the necessary eight years before filing Chapter 7 again, you won't receive a discharge of your debt.

If you previously filed for Chapter 13 bankruptcy and now need to file for Chapter 7, the minimum required wait between filings is six years.

What Happens To My Credit If I Declare Bankruptcy? 

Bankruptcy can severely impact your credit score. This is true no matter what type of bankruptcy process you are undergoing.

In fact, one of the primary downsides of filing for bankruptcy is that its impact on your credit score will follow you for years to come. Nevertheless, the exact extent to which bankruptcy will lower your credit score depends on several factors.

  1. Type Of Bankruptcy
The most common types of bankruptcy for individuals are Chapter 7 and Chapter 13. Chapter 7 will affect your credit more negatively than Chapter 13.  This is because with Chapter 7, you can discharge your debts. Potential creditors will see it as a larger risk to lend you money if they see you have a history of having your debts discharged.
  1. Your Current Credit Score
Those with good or excellent credit are likely to see their score drop more severely as a result of bankruptcy than would someone with fair or poor credit. Basically, this is because they have more to lose to begin with. (Of course, by the time you get to the point of considering bankruptcy, you are pretty unlikely still to have excellent credit.)
  1. How Much Debt Is Being Written Off 
How much your score is impacted by bankruptcy also depends on things like:

  • How many accounts are in default
  • How large the balances are that are being discharged

How Long Does a Bankruptcy Stay on Your Credit Report?

How long a bankruptcy stays on your credit report will vary based on which type of bankruptcy you're pursuing. 

  • Chapter 7 will remain on your credit report up to 10 years.
  • Chapter 13  appears on your credit report for 7  years. Chapter 13 doesn't stay on your credit report for as long as Chapter 7 because Chapter 13 requires that you follow a payment plan to pay off your debts over time.

How to File for Bankruptcy Yourself

If you don't want to pay attorney fees, especially since filing for bankruptcy costs enough on its own, you can consider filing for bankruptcy by yourself. Doing it right can be more challenging than many people expect, however. The initial steps to file for bankruptcy without assistance are as follows:

  1. Make sure you have all the necessary documents
  2. Take the required credit counseling course
  3. Fill out the appropriate forms
  4. Get your filing fee and file the forms in court

Of course, there are many ways in which one can get confused or make a mistake during this process, especially when doing it without any sort of help from those knowledgeable about how bankruptcy works.

Now, though, there's a simpler and cheaper way to get help with filing for bankruptcy: DoNotPay. 

How To File For Bankruptcy With the Help of DoNotPay

If you want to file for bankruptcy but don't know where to start, DoNotPay has you covered in 5 easy steps:

  1. Search for File for Bankruptcy on DoNotPay.


  2. Put together a list of your debts, expenses, and assets. If you need help accessing information like your credit report, DoNotPay can help you get your report.


  3. Let DoNotPay walk you through your bankruptcy options and help you determine whether a Chapter 7, Chapter 12, or Chapter 13 bankruptcy is right for you.


  4. DoNotPay will then help find the best credit counseling course near you, which you need to complete before filing your bankruptcy forms.


  5. Lastly, DoNotPay will gather all of the forms you need (including available fee waivers) and help you locate your nearest bankruptcy court. All you have to do is complete the required forms, prepare your filing fee, and file the application with your local court.


Why Use DoNotPay to File for Bankruptcy?

DoNotPay can make the process of filing for bankruptcy much less of a hassle. DoNotPay will ask for all the information needed to help you get started without sending you on a lot of wild goose chases. DoNotPay is:

  • Fast - Gets you results quickly
  • Simple - Identifies the forms you need and shows you where to file them
  • Successful - Gets you the results you need to get free of debt collection calls

Keep in mind that DoNotPay can currently only help individuals with the bankruptcy process. DoNotPay cannot assist with corporate bankruptcies.

Try DoNotPay today to see all the ways it can make your life easier!

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