How Often Can You File for Chapter 11 Bankruptcy?
If you’re a struggling business owner, filing for Chapter 11 bankruptcy can give you a chance to restructure your debts and find a way back to solvency. Hopefully your first bankruptcy filing will address your business’ financial issues. If not, you may need to file for Chapter 11 again to avoid having your assets liquidated. But is this even possible?
The bankruptcy lawyers at Sasser Law Firm have helped more than 7,000 people and businesses find their way to a better financial future. We have three attorneys who are board-certified as bankruptcy specialists, giving us knowledge and experience other firms lack.
If you’re in the midst of a financial emergency and need help, we’re ready to assist you at a moment’s notice. When you hire our firm, you will work directly with an attorney and won’t be passed off to a paralegal.
Call us today or visit our contact page for a free initial consultation.
When Can I File Bankruptcy 11 Again?
Generally speaking, there is no limit on the number of times that you can file for Chapter 11 bankruptcy, as long as the proceedings related to your previous filing are concluded. There are a few specific circumstances under which there may be time limits for filing for bankruptcy again.
For example, you may have to wait 180 days to file again if your previous case was dismissed because you willfully disobeyed a court order related to the bankruptcy proceedings. If you intend to liquidate all or most of your business’ assets with another Chapter 11 bankruptcy, you cannot file again unless it’s been at least eight years since your prior case was filed.
The bigger issue with repeat bankruptcy filing isn’t whether you can file for bankruptcy again. Rather, it’s whether you are eligible to have your debts discharged. If you are not eligible to have your debts discharged, then filing for bankruptcy may not be the best option for you, though there are still some circumstances where it’s a good idea.
Our bankruptcy lawyers can tell you more about whether filing for Chapter 11 again is your best solution.
Can I File Another Bankruptcy If I Am Not Eligible for a Discharge of Debts?
You can file for bankruptcy again even if you are not eligible to have your debts discharged. Sometimes doing so is your best option.
Filing for bankruptcy generally puts an automatic stay on any legal action by your creditors. This means they can’t come after you to collect any debts you owe until the proceedings are concluded. This can buy you valuable time to come up with a plan and figure out the best way to resolve your debts.
Get Help from Our Chapter 11 Bankruptcy Lawyers
It’s a good idea to speak to a lawyer before filing for bankruptcy, especially for repeat cases. The lawyers of Sasser Law Firm are standing by to help you however we can. Call us today or visit our contact page for a free case review.