America's current economic recession spike in unemployment and housing market crash has made it difficult for many people to stay on top of their finances. If your credit cards are multiplying and "What I Owe" statements litter your dining room table, you may be in danger of bankruptcy. While many people consider bankruptcy a defeat of sorts, it can actually be a means of freeing yourself from the confines of heavy debt.
Multiple Bankruptcies
If you have had an especially hard time with your finances, and have already declared bankruptcy once in your life, you may be allowed to file again, however, certain restrictions will apply. If you are considering declaring bankruptcy for the second time, consider the following limitations:
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If you file for bankruptcy under Chapter 7, you cannot file again for eight years To be eligible for a second bankruptcy after filing under Chapter 7, you will likely need evidence that the debts from your first filing have been resolved If you file for bankruptcy under Chapter 13, you may be able to file under Chapter 7 if you have repaid the majority of your debts and are struggling to repay the rest
Regardless of your ability to manage finances and reduce spending, financial security is precarious. Unpredictable emergencies, job loss, or other unexpected expenses may arise, consequently leaving you in the red. If you are facing a seemingly insurmountable wall of debt, you may need the assistance of a qualified bankruptcy attorney.
If you are facing overwhelming debt, a bankruptcy lawyer can help you learn more about ways to get back in control of your finances.
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