If you’re considering filing bankruptcy again in Ohio, this article is for you. So long as you haven’t had a bankruptcy discharge in recent years, you likely qualify for a subsequent Chapter 7 or Chapter 13 bankruptcy discharge.
Sometimes, it makes sense to file another bankruptcy, even if you’re not eligible for a discharge.
Bankruptcy procedure is based on federal laws so it’s the same from state to state. Your bankruptcy attorney will do the analysis for you, but we’ll describe how it works in this article.
Previous Bankruptcy Discharge
If you have a bankruptcy discharge, there is a waiting period until you’re eligible to receive another discharge. The waiting period starts on the day you filed your previous bankruptcy and ends the day your bankruptcy attorney files your next bankruptcy.
- If the prior discharge was under Chapter 7 of the Bankruptcy Code, you must wait eight (8) years until filing Chapter 7 again.
- If the prior discharge was under Chapter 7 of the Bankruptcy Code, you must wait four (4) years until filing Chapter 13.
- If the prior discharge was under Chapter 13 of the Bankruptcy Code, you must wait two (2) years until filing Chapter 13 again.
- If the prior discharge was under Chapter 13 of the Bankruptcy Code, you must wait six (6) years until filing Chapter 7.
Stopping Foreclosure with Bankruptcy
If you are considering bankruptcy to stop a foreclosure but are not yet eligible to get another discharge, it may still be wise to file a Chapter 13 bankruptcy. This will give you the opportunity to stop the foreclosure and catch up with your back payments.
Note: You will not get a bankruptcy discharge through this process, but you will be able to stop the foreclosure process.
This may work with other debts, which you intend to repay, as well. No debts will be discharged, but it does slow things down so you can make the payments. If debt stretch out (and not discharge) is the plan, there is no waiting period at all and you could file for Chapter 13 immediately after the discharge of your previous bankruptcy.
There is not limit to how often you file for bankruptcy protection. If filing bankruptcy is part of an overall strategic plan that makes sense for you, you can file bankruptcy as often as you need to.
Consult with a Qualified Ohio Bankruptcy Attorney
It’s imperative that you consult with a qualified Ohio bankruptcy attorney to determine whether filing bankruptcy again is the best move for your individual situation.
We focus our practice on bankruptcy law, helping people struggling with debt, and helping people file for bankruptcy again. Your next step is to contact our Ohio law office at 513-791-1673 or Thomasjr@geygan.com. We look forward to hearing from you.