If you’ve filed bankruptcy before, chances are that you found yourself drowning under piles of debt, were unable to pay bills and possibly even faced the real possibility of losing your car, home and other assets. Because of these circumstances, bankruptcy provided a way for you to find relief and some financial freedom, but what happens if you find yourself right back where you started? Though it’s not very often, there are some individuals and even businesses that will find themselves back in the position of considering filing bankruptcy to discharge their debts. This can be for a number of reasons, but some of the most common reasons for people to consider filing a second bankruptcy are:
None of us are immune to the above factors negatively impacting our finances, which means that we should have a course of action; a plan that will help to avoid the need to file a second bankruptcy. Discussing your options with bankruptcy attorneys in Fort Myers is always a wise decision and should be done before you think filing a second bankruptcy is necessary.
This article discusses tips to avoid a second bankruptcy, as well as considerations to understand if you do find yourself needing to file bankruptcy again.
The ways in which to avoid a second bankruptcy are similar to that of avoiding bankruptcy altogether. Some of the key elements include everything from selling assets, and budgeting to negotiating with creditors via your Fort Myers bankruptcy attorneys. The following tips are a general idea of how you can take back control of your finances in order to avoid a second bankruptcy:
If you’ve exhausted all possible avenues to avoid filing a second bankruptcy, but nothing works, you may need to file bankruptcy a second time. Since this is the second time you are looking to discharge outstanding debt, there are some things to consider before filing, mainly the time between bankruptcy filings. A Fort Myers bankruptcy will be able to tell you whether or not filing bankruptcy a second time is a viable option for you. Additionally, here is a simple breakdown of the timeline according to debt.com of how long an individual or business must wait before they can receive a second discharge:
*There’s an important exception to this rule that you should note. If you’ve paid off all of your unsecured debt holders back in-full or at least paid 70 percent of the claims made on a plan entered into in good faith, then you can file for Chapter 7 sooner.
Contact a bankruptcy attorney in Fort Myers today at the law office of Miller, Hollander and Jeda, to receive a free, no obligation consultation that can help you get back on the road to financial wellness.