Claiming Bankruptcy Twice- Can It Be Done? | the-filippa.com

Claiming bankruptcy is, without a doubt, a highly effective way to solve most financial problems of individuals and corporations. Many consequences come with bankruptcy but it does allow petitioners to relieve themselves of their financial burdens and give them a fresh start to rebuild their finances. However, as effective as bankruptcy is, you should only consider filing after you have exhausted other methods of debt relief.

The process of filing is costly and time-consuming, not to mention damaging to anyone?s credit scores. But while the consequences during and after filing are serious, there are times when people may need to file a claim bankruptcy. There are many reasons for it; one is that they were unable to get their footing after the first filing, another is that circumstances outside of their control contributed to necessitating another bankruptcy claim. The important question now is, ?Can a person file bankruptcy twice??

Yes, claiming bankruptcy twice is possible. But as usual, there are things you need to know first. If you had filed for Chapter 7 bankruptcy before, you have to wait out eight years before you can file another. It?s a long waiting period but this is to discourage unscrupulous people of using bankruptcy as an easy way out of their financial problems.

Bankruptcy is supposed to be a one-time ?bailout? for those with serious debt problems. It is not a process that should be repeated continuously. Now, if you filed for Chapter 13 before and you?ve finished with your repayment plan which is usually for 3 to 5 years, you can file for Chapter 7 without the required 8-year waiting period.

Before you do anything though, make sure you have consulted with a financial expert and have discussed your situation in-depth so that you know that whatever choice you make for debt relief, it is the right one for you. And if you need to really claim bankruptcy twice, a reputable financial advisor can help you through your second filing as well.

Source: http://www.the-filippa.com/business-finance/personal-finance/claiming-bankruptcy-twice-can-it-be-done

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