Chapter 7 Bankruptcy

• You can file for Chapater 7 bankruptcy once every eight years. If your debts were discharged in 2002, you should be able to file again as of 2010, as the eight-year period has passed. However, if your debts were not discharged until 2003 even though you filed in 2002, you will not be able to file again until 2011. The time period is exact; if your debts were discharged in May 2002, you were able to file again starting in May 2010, not in January 2010.
  
  

Chapter 13 Bankruptcy

• You can file for Chapter 13 two years after your previous Chapter 13 discharge, according to Bankrate.com. You cannot have more than one Chapter 13 case open at a time; you cannot file for Chapter 13 again before your debts from the prior Chapter 13 are discharged. If you do not yet qualify to re-file for Chapter 7, you can file for Chapter 13 and enter a restructured payment plan on your new debts.
  
  

Considerations

• Each time you file for bankruptcy, the bankruptcy remains on your credit history for 10 years. Bankruptcy affects your credit negatively and makes it more difficult to get a loan for a house or car or rent an apartment. Multiple bankruptcies on your credit history are worse than a single bankruptcy. Multiple bankruptcies indicate to creditors that you make poor financial decisions as a way of life and that you view bankruptcy as a financial management tool rather than as a last resort.
  
  

Alternatives

• If you cannot or do not want to file bankruptcy for the second time, you may be able to negotiate repayment plans with each of your creditors. You can do this on your own or with the help of an attorney. Contact each creditor to set up an in-person meeting to negotiate. If you feel too overwhelmed to do this, consider entering a debt management plan through a reputable agency. After enrolling in such a plan, you pay one lump sum to your debt management plan trustee each month and he distributes it to your creditors. Debt management often allows you to discharge debts by paying only a portion of the debt you owe.