You may believe that filing for Chapter 7 or Chapter 13 bankruptcy once is depressing enough, but to do so again? In reality, it is wholly possible to encounter obstacles that prevent you from reestablishing good credit. If the economy experiences a downturn, for instance, it may be difficult to obtain a good job. If the real estate market is not in your favor, purchasing a property could be difficult. Regardless of the cause, if your debts begin to accumulate again, you should be aware that you can declare bankruptcy again if necessary.
What You Should Know About Filing a Second Bankruptcy
If you have determined that a second bankruptcy filing is your only viable option, you should be aware of the following:
1) You must wait until 7 to 10 years have elapsed since your first bankruptcy. This will establish that your current circumstance is not a fraudulent attempt to exploit the system.
2) The courts may view your next case with greater scrutiny. Therefore, it is essential to have your documents in order prior to filing.
You may have trouble locating an attorney to represent you. This does not mean that bankruptcy attorneys will not assist you, but some may be hesitant to assist a client who is re-entering the process.
4) A second bankruptcy on your credit report can significantly harm your credit standing. You may find it extremely difficult to finance a home or automobile.
If your financial situation after bankruptcy appears dire, you may want to consult with a financial advisor or a bankruptcy or finance attorney to determine your next actions. It may be possible to declare bankruptcy a second time, but you should evaluate your finances and the potential repercussions before doing so.
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