Filing Chapter 11 Bankruptcy Again
The rules for filing and receiving a discharge under Chapter 11 are significantly easier to fulfill as compare to filing a Chapter 7 and 13 again. Bankruptcy law permits that only an individual, sole proprietor, partnership, limited liability company, or corporation may receive a discharge in Chapter 11 bankruptcy filing irrespective of any previous Chapter 11 bankruptcy discharges granted. Simply put, there’s no waiting time for filing Chapter 11 bankruptcy again.
As always, exceptions do exist. It is of utmost importance to inform your lawyer if you (or the business entity) was in any violation of a court order, or had another case dismissed during the 180 days prior your bankruptcy filing. In that case, there is a possibility that you might not qualify for another discharge. If this appears to be case, there are other debt relief strategies available to small business owners such as:
Filing Chapter 7 & Chapter 13 Again
The number of times you can declare bankruptcy is contingent on whether you have been granted a discharge in a previous Chapter 11, Chapter 13, Chapter 12 or Chapter 7 case. If your debts were wiped out in a previous bankruptcy filing, the law requires you wait a certain number of years before you can file another case. Exactly how much time must pass (if any) is dictated depend on the bankruptcy chapter you previously filed and the chapter you intend to file again.
- Filing for Chapter 7 bankruptcy after receiving a Chapter 7 or 11 discharge. The waiting period is eight years.
- Filing for Chapter 7 bankruptcy after receiving a Chapter 12 or 13 discharge. The filer must wait six years (unless the filer paid 100% of unsecured claims or 70% of unsecured claims in a good faith plan).
- Filing for Chapter 13 bankruptcy after receiving a Chapter 7, 11, or 12 discharge. The filer is required to wait four years.