A Bankruptcy Lawyer’s Blog

Declaring Bankruptcy Twice – Is This Possible? Find Out How That Can Be Done

Getting to such financial dire straits that you even have to consider bankruptcy is bad enough. Undergoing to process of filing for bankruptcy can also be stressful, given the affect on your long term credit and the shame associated. But what about declaring bankruptcy twice? Is it just twice as bad or is it entirely impossible?

Bankruptcy is a fresh start in financial terms. Your slate is wiped clean and you get to start again. It will, however, affect your long term credit prospects.

What is often the case when people come to file for bankruptcy is that they have developed poor spending habits, have been living outside of their means and been particularly reckless with credit cards and so on. As a society, we have a tendency to abuse credit.

However, poor financial management is not the only reason for bankruptcy. Sometimes a medical emergency leads to fees that you cannot afford etc.

Regardless of your situation, declaring bankruptcy is a way to eliminate the debts and their associated stress. Declaring bankruptcy twice simply is unlikely to be an option. In fact, under new bankruptcy laws, the first time you declare you are required to undergo financial counseling to learn to better manage your finances and it is likely that an attempt at declaring bankruptcy twice would only be looked upon as financial irresponsibility on your part.

However, it is not impossible. If you file for chapter 7 bankruptcy, you cannot file for this same type again for 8 years. But this only applies if your case was successful and your debts were entirely discharged. If you filed chapter 13 bankruptcy, whereby a payment plan is set up to have you pay back debts within 3 to 5 years and you have paid back 70% of what you owe, you can file for chapter 7 without waiting that period of eight years.

Want to know how to manage your debt without losing control? Gain insights on essential information on Declaring Personal Bankruptcy. To get the facts on bankruptcy, simply Click Here

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