Can You File Bankruptcy More Than Once in Oklahoma?

Filing for bankruptcy can be a complex process, and many people wonder about their options if they find themselves in financial distress multiple times. In Oklahoma, it is indeed possible to file for bankruptcy more than once, but there are specific regulations and timelines that you need to be aware of.

When considering multiple bankruptcy filings, it’s essential to understand the different types of bankruptcy available. The two most common types are Chapter 7 and Chapter 13:

• Chapter 7 Bankruptcy: This type allows you to discharge most unsecured debts in exchange for liquidating some of your assets. You can typically file for Chapter 7 bankruptcy every eight years.
• Chapter 13 Bankruptcy: This involves a repayment plan to pay back all or part of your debts over a three to five-year period. You can file for Chapter 13 bankruptcy as often as every two years, as long as your previous filing was discharged.

To qualify for repeated filings, you must wait respective time periods according to your previous case. For example, if you filed for Chapter 7 bankruptcy, you must wait eight years before filing again under Chapter 7. However, you may file for Chapter 13 if it has been at least two years since your last Chapter 13 discharge or four years after a Chapter 7 discharge.

Another critical aspect to consider is the Automatic Stay, which immediately halts collections and legal actions when you file for bankruptcy. However, if you've filed multiple times, the court might limit the duration of the Automatic Stay for your subsequent filings, meaning your creditors may be able to take action sooner.

It is also important to note that repeated bankruptcy filings can have long-lasting effects on your credit score. Each filing will remain on your credit report for several years— Chapter 7 stays for ten years and Chapter 13 for seven years. Thus, careful consideration must be taken when deciding whether to file again.

If you're contemplating a second or third bankruptcy filing, it's wise to consult with a bankruptcy attorney in Oklahoma. They can provide personalized guidance and help you navigate the intricacies of repeated filings, ensuring you're making the best decision for your financial future.

In summary, yes, you can file bankruptcy more than once in Oklahoma. Understanding the different types of bankruptcies and the waiting periods involved is essential for making informed choices regarding your financial situation. Consulting with a professional can also greatly assist in laying out the best path forward.