You probably never imagined you would be considering bankruptcy again. Yet, even with the best intentions, chronic illness, job loss, and other unexpected financial emergencies happen when we least expect it. And while there are other debt relief options, sometimes filing another bankruptcy is the best option.
The length of time you must wait to file a second bankruptcy in Nebraska is determined by the type of bankruptcy you filed previously. Keep in mind, you also don’t have to file the same type of bankruptcy each time.
If you’re thinking about filing again, you will need to answer the following questions:
- Did your prior bankruptcy result in a discharge?
- What date was your previous bankruptcy filed? (The time frame for filing a subsequent bankruptcy is calculated from the date the previous case was filed, not the date of the prior discharge. )
- Did you previously file Chapter 7 or Chapter 13?
Under the bankruptcy law in Nebraska, the following waiting periods apply for subsequent bankruptcy filings.
If your previous bankruptcy was a Chapter 7, you must wait:
- 8 years to file another Chapter 7
- 4 years to file a new Chapter 13 to receive a discharge
- You can file a Chapter 13 within 4 years of the Chapter 7 filing but will not receive a discharge of the debts.
If your previous bankruptcy was a Chapter 13, you must wait:
- 4 years to file a Chapter 7
- 2 years to file another Chapter 13
There are some ways to get around these time limits, but they involve proving to the court that your financial circumstances have changed substantially and you no longer have the means to repay your debts. In reality, one Chapter 13 case may be filed after another, and each new case can result in a discharge. People get sick, lose their jobs and health insurance and sometimes must file Chapter 13 to protect their home from foreclosure
The bankruptcy process can be complicated. Deciding what is best for you may depend on the particular nuances of your situation. If you’re considering filing bankruptcy again, it’s important to speak with an experienced Nebraska bankruptcy attorney to discuss your best options.
Take The Next Step
If you have once again found yourself unable to manage your debt, filing bankruptcy again may be a solution.
At McGuire Law Offices we specialize in Nebraska bankruptcy. We will review your circumstances, and help you make an informed decision regarding the best course of action.
To speak to an attorney, call (402) 965-0775 or contact us to request a consultation.
