Florida Bankruptcy Lawyer FAQ - "How many times can I file bankruptcy?"

Debtors may file Chapter 7 only once during any 6 year period.. If a Chapter 7 discharge was granted within the 6 years preceding the filing of a petition for relief under Chapter 7, the case must be dismissed. Notice the period of calculation: the end of the last case, to the beginning of the new case.

Florida Bankruptcy Law FAQ - In Action

If a previous case was filed under chapter 11 or Chapter 13 during the preceding 6 years, the debtor will not be allowed to receive a discharge of debts in the subsequent case unless: 1) all the "allowed unsecured" claims in the earlier case were paid in full; or 2) payments under the plan in the earlier case totaled at least 70 percent of the allowed unsecured claims and the debtor's plan was proposed in good faith and the payments represented the debtor's best effort. In practice, few debtors file multiple cases. The experience of filing bankruptcy is usually a once in a lifetime event. Most debtors benefit and learn from the experience, then take decisive steps to insure against future filings.

Be aware the application of law to each individual is unique. Depending upon personal assets, liabilities, and financial history, all benefits may not be available. The most successful debtors retain Florida bankruptcy lawyers and plan well in advance. Through planning, with the assistance of qualified Florida bankruptcy lawyer, optimal timing, selective payments, and exemptions are most likely to be achieved without question.

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