Understanding the 2-4-6-8 Rule Don't Face Bankruptcy Alone

The 2-4-6-8 Rule

Considering today's economic struggles, it is not unusual for a Debtor who has previously filed for bankruptcy to need to file a second time for relief from payments to creditors. It is not unusual for a debtor to ask, "How long do I have to wait before I can file for bankruptcy a second time and still get a discharge of allowable debts?"

  • 2 years - If you previously filed a Chapter 13 case where you completed the plan and received a discharge, then you can file a second Chapter 13 case after 2 years and receive a discharge.
  • 4 years - If you previously filed a Chapter 7 case and received a discharge, then after 4 years you can file a Chapter 13 case.
  • 6 years - If you previously filed a Chapter 13 case and received a discharge, then after 6 years you can file a Chapter 7 case. There is an exception to this rule. If you paid 100% to all creditors in the first Chapter 13 case or the court finds that you made your best efforts to pay creditors at least 70% of your debts in the prior case, then the rule does not apply.
  • 8 years - If you previously filed a Chapter 7 case, then after 8 years you can file another Chapter 7 case.

Of course, a key factor in these situations is whether the prior case was completed where a discharge order was entered. If the prior case was dismissed before discharge was granted, then a Debtor can refile a case without any limitations, except where the case was voluntarily dismissed by the Debtor. In that situation, there is a 180-day time limit before a Debtor can file a second case.

Speak with Our Kane County Lawyer Today

If you are interested in talking to a bankruptcy attorney about your situation, please call us at (847) 787-7179 for a free consultation.

Illinois State Bar Association
National Association of Consumer Bankruptcy Attorneys

Take the First Step Toward Financial Freedom

Schedule a Free Consultation Today
  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.