The thing about debt is that it never seems to go away. There is always something that needs to be repaired or replaced, or medical costs might arise more than once in your life and it is not uncommon to find yourself in over your head financially more than once in your life. Bankruptcy gives you a fresh start while helping you learn how to budget, but this does not take into account catastrophic events, failed businesses, or the need to seek relief a subsequent time. If you have filed bankruptcy before and find yourself in need of filing again, you have to follow certain rules to make sure a second or third filing is proper.
The reason there are rules about successive filings is to prevent abusive filings. The purpose of bankruptcy is to give the honest but unfortunate debtor a fresh start, not a head start. For these reasons a subsequent filing is given a higher level of scrutiny that a first time filing. You can refile for bankruptcy as follows:
- Chapter 7: If you previously filed and received a Chapter 7 discharge, you may not refile a Chapter 7 for 8 years.
- Chapter 13: If you previously filed and received a Chapter 13 discharge, you may not refile Chapter 13 for 2 years.
You can refile any chapter if your prior filing did not result in a discharge. The key is accuracy and honestly. Filling out your schedules fully and completely, identifying the cause for the need to file again will help your filing pass muster. You are less likely to be investigated for an abusive filing as long as you are forthcoming with information relative to your need to refile. A trained bankruptcy attorney will analyze your case and explain your options. This will enable you to make an informed decision and get back on track with your finances.
If you are facing overwhelming debt but have filed bankruptcy in the past, call our office to learn your options. Let an experienced attorney help you figure what is best for you. Call a Bloomington, Minnesota bankruptcy attorney today.