How often can I receive a bankruptcy discharge?

In Maryland, you can receive a bankruptcy discharge once every eight years. This means that if you have been granted a bankruptcy discharge, you must wait eight years before you can seek another one. Additionally, the type of bankruptcy you file will determine the length of time before you are eligible for a discharge. For example, a Chapter 13 filing will usually require you to wait four years before you are eligible for a discharge, while a Chapter 7 filing requires a waiting period of six years. The limits on bankruptcy discharges are designed to prevent people from taking advantage of bankruptcy protection for the wrong reasons. By limiting the number of times a person can receive a discharge, banks and creditors have some protection against serial filers who may abuse the bankruptcy process. However, this rule is not absolute. Bankruptcy courts are allowed to grant discharges before the eight-year waiting period if certain circumstances exist, such as if the filer has gone through extraordinary hardship or if the debt has been resolved through other means such as debt negotiations or a settlement. Additionally, there are exceptions for filers who are trying to protect a home or business from foreclosure, depending on the size and types of debt. Overall, in Maryland, the general rule is that a person may receive a bankruptcy discharge every eight years, though exceptions may apply in certain situations.

Related FAQs

Are there any special provisions for filing for bankruptcy as a single parent?
What is the difference between a joint bankruptcy filing and an individual filing?
What is the difference between discharging and writing off a debt?
What are the requirements for filing for bankruptcy under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005?
Are there any assets that I cannot keep after filing for bankruptcy?
How do I know if I qualify for a Chapter 13 bankruptcy?
How do I know if I am eligible for Chapter 7 or Chapter 13 bankruptcy?
What is the meaning of a bankruptcy discharge?
Can I get a loan after filing for bankruptcy?
Are there any types of debt that will survive a bankruptcy discharge?

How often can I receive a bankruptcy discharge?

Related FAQs

Related Blog Posts