Repeated Bankruptcies
There are many ways in which declaring bankruptcy will affect your life. In the short term, you may experience some difficulty obtaining loans, renting property, or applying for new credit cards. One consequence that people do not always consider is that if you need to file for bankruptcy again in the future, you may have a limited ability to do so.
If you are considering filing for bankruptcy, it is very important to understand all of the ramifications that this choice may have on your life. While it is not an easy process, bankruptcy has helped many people and businesses restore their finances. To find out more about bankruptcy law and how it may affect you, contact the West Palm Beach bankruptcy lawyers of Eric N. Klein & Associates, P.A. by calling 561-353-2800 today.
Restrictions to Declaring Bankruptcy Twice
Although it is possible to declare the same type of bankruptcy twice, it can be difficult and certain restrictions apply. The specific restrictions will depend on your financial history, the type of bankruptcy you have declared in the past, and the type of bankruptcy you wish to declare now. Some of these restrictions include:
- 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.
An experienced West Palm Beach bankruptcy attorney can help you analyze your current situation and help you to decide if bankruptcy is a viable option for your business or family.
Contact Us
To find out more about filing for bankruptcy, contact the West Palm Beach bankruptcy lawyers of Eric N. Klein & Associates, P.A. by calling 561-353-2800.
