How often can I file for bankruptcy?

In Hawaii, the law protects individuals and businesses who can no longer pay their debts by allowing them to file for bankruptcy. Generally, individuals cannot file for bankruptcy more than once every eight years. This is known as the ‘eight year rule’. After eight years, the individual needs to wait another eight years before filing for bankruptcy again. However, in some cases, individuals can file for bankruptcy sooner. For example, individuals who filed for Chapter 7 bankruptcy can usually qualify to file for Chapter 13 bankruptcy after only four years. Chapter 7 is where your assets are liquidated to pay creditors, while Chapter 13 reorganizes debts and sets up a repayment plan. This allows individuals to keep their assets, such as a car or house. However, if an individual previously received a discharge in Chapter 13 bankruptcy, they may not be qualified to receive a discharge in Chapter 7. This means that if an individual filed for Chapter 13 bankruptcy within the past six years, they may not qualify for a Chapter 7 bankruptcy. In Hawaii, it is important to understand the laws and regulations related to bankruptcy before attempting to file. Knowing the time restrictions of bankruptcy filings can be helpful for individuals looking to file for bankruptcy in the future. If you are unsure about filing for bankruptcy or have questions, it is a good idea to speak to a lawyer or financial adviser.

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How often can I file for bankruptcy?

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