Understanding waiting periods between bankruptcy filings!
When filing for bankruptcy with Miller & Miller in Wisconsin, you have options to file under Chapter 7 or Chapter 13, each with specific waiting periods if you plan to file again:
| Current Bankruptcy | Next Filing Option | Wait Time Between Filings |
|---|---|---|
| Chapter 7 | Another Chapter 7 | 8 years |
| Chapter 7 | Chapter 13 | 4 years |
| Chapter 13 | Chapter 7 | 6 years (or immediate if Chapter 13 repayment plan is paid in full) |
| Chapter 13 | Another Chapter 13 | 2 years |
These wait times help prevent system abuse and discourage unmanageable debt accumulation. In the meantime, it’s expected that debtors make every effort to repay debts, emphasizing responsible financial planning between filings.
The chart above outlines the waiting periods required between different types of bankruptcy filings. These waiting periods vary depending on the type of bankruptcy you filed previously and the type you plan to file next. Here’s a breakdown:
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Chapter 7 to Chapter 7: If you filed a Chapter 7 bankruptcy, you must wait 8 years before you are eligible to file another Chapter 7. This extended period is in place to prevent repeated discharges of unsecured debt in a short timeframe.
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Chapter 7 to Chapter 13: If you filed a Chapter 7 bankruptcy and now wish to file under Chapter 13, you’ll need to wait 4 years. This allows time for financial recovery while enabling you to structure a repayment plan for remaining debts.
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Chapter 13 to Chapter 7: After a Chapter 13 filing, you must wait 6 years to file under Chapter 7, unless you completed payment in full on your Chapter 13 repayment plan. In cases of full payment, you may not need to wait the full six years, as the system views this as a responsible effort to repay debts.
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Chapter 13 to Chapter 13: If you previously filed a Chapter 13 bankruptcy, you can file another Chapter 13 after just 2 years. This shorter period reflects the structured repayment focus of Chapter 13, which typically shows a commitment to repaying debts.
These waiting periods are in place to prevent bankruptcy system abuse and discourage the accumulation of high, unmanageable debt without repayment efforts. Between filings, individuals are expected to work on repaying outstanding debts and managing their finances responsibly.