Wiping away debts is the primary goal of most debtors looking to shed themselves of creditors and getting a new start financially. While you can file as often as you like, you can only receive an actual discharge based on federal laws. The time frame changes depending on what Chapter you filed in the first bankruptcy, and what chapter you are filing in the subsequent bankruptcy.
- Chapter 7 Bankruptcy Only- 8 Years -
Simply put, you can obtain a chapter 7 bankruptcy discharge every eight years. Once you have already filed for Chapter 7 bankruptcy or Chapter 11, the bankruptcy court will deny a future discharge in Chapter 7 if you already received a discharge the last eight years. The eight year time period starts to run from the date your previous case was filed.
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- Chapter 12 and 13 Bankruptcy Discharge -
Timing gets a little more complicated if the first and second bankruptcies involved a Chapter 12 or Chapter 13. If the debtor previously filed a Chapter 12 or Chapter 13, and the debtor wants a discharge under Chapter 7, the debtor must file at least 6 years after the Chapter 12 or 13 was filed. There are exceptions allowing for earlier Chapter 7 discharges if the debtor meets strict requirements regarding the amount of debt he/she paid back in her Chapter 13 case.
A debtor is ineligible for a second discharge under Chapter 13 if he or she received a prior discharge in a Chapter 7, 11, or 12 case filed within four years of the first case.
A debtor can file a second Chapter 13 two years after the first Chapter 13.
- Bankruptcy Discharge Can Be Revoked -
Bankruptcy courts may revoke a discharge under certain circumstances of misconduct. A trustee, creditor, or the U.S. trustee may request the court revoke the debtor's discharge in a Chapter 7 case based on allegations that the debtor obtained the discharge using fraud; such as lying on bankruptcy forms, excluding assets, mischaracterizing debts, including non-dischargeable debts, and lying at a 341 meeting. Typically, a request to revoke the debtor's discharge must be filed within one year of the discharge or before case is closed. The court must determine if allegations are true and, if so, whether to revoke the discharge.
- Revocation of Discharge Will Require Retaining Counsel -
The mere filing of a lawsuit filed in the bankruptcy court (called an "adversary proceeding") seeking to revoke a discharge requires hiring an attorney to answer and defend the allegations of improper conduct. If the challenge is not addressed in a timely fashion, the court will grant the discharge by default. The possibility that a bankruptcy discharge can be revoked highlights the importance of full disclosure to your bankruptcy attorney at the time you initially file. You must inform your bankruptcy attorney of all assets and debts in order to ensure that your discharge is not subsequently challenged and you are not subsequently sent to jail for perjury.
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