Filing for bankruptcy may leave you feeling discouraged about your financial future, but it's important to know that you don't have to wear the status as a badge of shame for the rest of your life. Indeed, people turn to bankruptcy options for a number of reasons - a health situation in the family may have drained finances, or an unforeseen accident could have run up your debt and prevented you from paying bills in a timely manner. Once your case is approved and completed, though, it could take 7-10 years for it to disappear from your records, giving you a chance to start fresh. Question is, if you have difficulty again can you file a second time?
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You may think that filing for Chapter 7 or Chapter 13 once is depressing enough, but to go through the process again? Truth be told, it is entirely possible to run into obstacles that keep you from establishing good credit once more. If the economy suffers a downturn, for example, you may find it difficult to get a good job. If the real estate market is not working for you, buying a home could prove frustrating. Should debts mount up again for whatever reason, you should know one thing: you can file again if needed.
What to Know About Second Bankruptcy Filing
If you have discerned that a second turn at bankruptcy is your only option, you should be aware of a few points:
1) You will need to wait until the 7-10 year period of your first bankruptcy has passed. This will determine that your current situation is not a fraudulent attempt to use the system to your advantage.
2) The courts may regard your next case with a more critical eye. Therefore, it's important to have all your paperwork in order when you file.
3) You may have difficulty finding an attorney to assist you. This doesn't mean that bankruptcy lawyers will not help you, but some may be reluctant to work with a client going through the process again.
4) A second bankruptcy on record can put your credit standing at great risk. You may discover it nearly impossible to finance a home or automobile.
If your financial situation after bankruptcy looks dire, you may wish to consult with a financial advisor or even a lawyer with a concentration in bankruptcy or finance to determine your next steps. Going bankrupt a second time may be an option, but it's best to thoroughly assess your finances and the consequences before you do it.
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