South Carolina Bankruptcy Law: Can You File Again After Discharge?

Bankruptcy can be a complex legal process, and understanding South Carolina bankruptcy law is essential for anyone considering filing. One common question that arises after receiving a bankruptcy discharge is whether individuals can file for bankruptcy again. This article will provide a comprehensive overview of the pertinent guidelines related to refiling for bankruptcy in South Carolina.

In South Carolina, as in other states, there are specific timeframes that dictate when a person can file for bankruptcy after a discharge. The type of bankruptcy previously filed will play a significant role in determining eligibility for a subsequent filing.

For those who previously filed for Chapter 7 bankruptcy, a common rule is that an individual must wait at least eight years from the date of the initial filing to file for Chapter 7 again. However, if a debtor wishes to file for Chapter 13 bankruptcy after having received a Chapter 7 discharge, they must wait for a shorter period of only four years.

Conversely, if the initial filing was for Chapter 13 bankruptcy, individuals can file for Chapter 13 again as soon as two years after their previous filing. However, they must wait six years from the initial Chapter 13 discharge to qualify for Chapter 7, unless they meet certain criteria, such as having paid back all unsecured debts in full or having paid at least 70% of unsecured debt under a Chapter 13 plan.

It’s also important to note that the timing of the new bankruptcy filing is critical. Individuals looking to file again after a discharge should ensure they understand the full implications and requirements, as any mistakes could lead to denial of the new filing. Therefore, anyone considering refiling should consult with a qualified bankruptcy attorney to navigate the complexities of South Carolina bankruptcy law.

Another vital aspect to consider is the impact of having two bankruptcies on an individual’s credit report. Bankruptcy can significantly affect credit scores, and having multiple discharges can raise red flags for future lenders. It is essential to understand how filing again can influence your credit and to develop a plan for recovery post-bankruptcy.

In summary, it is indeed possible to file for bankruptcy again in South Carolina after receiving a discharge, but specific waiting periods and eligibility criteria must be met. Consulting with a knowledgeable attorney can ensure that individuals make informed decisions about their financial future and comply with the requirements of the law.