Filing Procedure

• To begin the Chapter 13 bankruptcy process, either you or your lawyer will need to file a petition with your local bankruptcy court. In addition, you will be need to submit schedules containing a description of assets and liabilities, income and expenses, a description of leases and contracts, and statement of your financial affairs (see Resources for official forms). Other required documents include your most recent federal taxes, bank statements and proof of recent credit counseling. As of 2010, a $235 filing fee and $39 miscellaneous administrative fee must be submitted with the petition.
  
  

Discharge Timeframe

• The purpose of filing bankruptcy is to discharge debts. You can only discharge debts through a Chapter 13 bankruptcy once every two years and through a Chapter 7 bankruptcy once every eight years. You can discharge debts multiple times as long as the bankruptcy discharges are separated by the required number of years. So, it could be possible for a 30-year-old to file consecutive Chapter 13 bankruptcies 20 times or file for consecutive Chapter 7 bankruptcies five times by the time he is 70.
  
  

Alternating Chapter 7 and 13

• If your debts are discharged through a Chapter 7 bankruptcy, you cannot receive a Chapter 13 discharge for at least four years. If your debts are discharged through a Chapter 13 bankruptcy, you cannot receive a Chapter 7 discharge for at least six years. In the past, some serial bankruptcy filers would file a Chapter 13 bankruptcy first to save their secured property and then immediately file a Chapter 7 bankruptcy to wipe out all unsecured debt. However, Bankrate.com explains that the new bankruptcy law prevents bankruptcy filers from using this strategy anymore.
  
  

Considerations

• If your Chapter 13 case is dismissed because of failure to attend court or refusal to follow court orders, you must wait at least 180 days to refile. If your case is dismissed and you can show that you are refiling in good faith, you may be able to refile sooner. According to the Cornell University Law School, good faith refers to filing honestly.