A common misconception that many in Hernando County may have regarding bankruptcy is that the laws and regulations governing it are easily abused. By extension, the opinion that those same people have of those who file for bankruptcy is that they are simply overspenders looking to get away with not having to pay their bills. Yet in reality, many of those seeking bankruptcy protection are ordinary people who have seen unfortunate circumstances land them in some dire financial straits. As many know, such circumstances can arise multiple times during one’s life. 

Chapter 7 remains the most popular form of personal bankruptcy thanks to the benefit it offers of having debts discharged. Indeed, the American Bankruptcy Institute’s data shows that, as recently as the second fiscal quarter of 2018, more than 63 percent of non-business bankruptcy filings in the U.S. were made under Chapter 7. A Chapter 7 case can typically last between three to six months. Yet what if unforeseen misfortunes or other scenarios cause one to experience debt difficulties later on in their lives. How long would they half to wait if they needed so seek a Chapter 7 bankruptcy again? 

The answer to that question depends on the individual circumstances of one’s case. If their case was dismissed, they can re-file within one year if they are able to show the court that their case has a good chance of being successful. In such a scenario, they may avoid having to pay another filing fee. According to LendingTree.com, if one’s initial Chapter 7 bankruptcy case was successful, then they must wait at least eight years before becoming eligible to seek protection under the same Chapter again. If one wishes to file under Chapter 13, then they need only wait four years from the date their Chapter 7 case was discharged.