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What You Need To Consider Before Filing A Second Bankruptcy

Posted By admin || 7-Jan-2011

Did you file bankruptcy a few years ago and are now facing financial difficulties again?

Well, you may benefit for a second bankruptcy filing, but there are a few things you need to consider:

What type of bankruptcy did you file?

Was your recent bankruptcy a Chapter 7 bankruptcy or a Chapter 13 bankruptcy ?  The bankruptcy chapter you filed will determine how long you need to wait to file another bankruptcy.  If you filed a Chapter 7 bankruptcy, you can't file another Chapter 7 bankruptcy until eight years later.  If you filed a Chapter 13 bankruptcy, you cannot file another Chapter 13 bankruptcy until after two years have passed.

When did you file your bankruptcy?

Many people run into trouble after their Chapter 7 bankruptcy discharge they haven't developed the habits necessary to stay out of debt or because they have experienced some type financial emergency. If you've been out of Chapter 7 bankruptcy for at least 4 years but not the 8 years required for eligibility to file a second Chapter 7 bankruptcy, you can file a Chapter 13 bankruptcy instead.  If you filed Chapter 7 bankruptcy less than 4 years ago, you can still file Chapter 13 bankruptcy, you just won't be able to get a discharge of any of your debts.

Will filing a second bankruptcy really help your financial situation?

If you won't have access to bankruptcy discharge then filing bankruptcy may not be as helpful as you would hope, unless you have a solid plan for paying back all of your debts.

Is your debt dischargeable in your second bankruptcy?

Certain debts, such as student loans , alimony, child support and certain taxes cannot be discharged in bankruptcy.  However, filing bankruptcy may be beneficial if it will help you repay those debts over a reasonable timeframe.
Categories: Bankruptcy
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