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A second personal bankruptcy filing may bring financial stability

Unanticipated medical bills or employment loss can have an enormous impact on the financial stability of any New Jersey consumer. Although personal bankruptcy can bring a fresh financial start in most cases, it does not guarantee smooth sailing forever after. In some cases, consumers may need to go through a second bankruptcy before they regain financial security.

There are certain conditions for filing for another bankruptcy. After having debts discharged in a Chapter 7 bankruptcy, a similar filing is not allowed within eight years. However, a person who qualifies to file for a Chapter 13 bankruptcy may be permitted to do so after four years from the date of the Chapter 7 filing. Similarly, filing for Chapter 7 after completion of a Chapter 13 filing will also require a period of four years between filings.

A Chapter 13 proceeding typically takes three to five years to complete. Another Chapter 13 may be filed within two years of the initial filing, so it is practically possible to exit one Chapter 13 bankruptcy only to file for another. However, if a bankruptcy case is withdrawn or dismissed by the court due to violations of court rules,  an immediate new filing may be barred by the court. It may stop another filing for a period of 180 days from the initial filing. The protection offered against lenders may also be less in cases in which a filing is made after a previous unsuccessful attempt.

New Jersey consumers may find comfort in knowing that the federal Bankruptcy Code aims to help struggling individuals to regain financial stability. The most appropriate step may be to discuss the problems with an experienced bankruptcy attorney who can assess the situation and explain the various remedies that may be available. Understanding the options and the requirements for a second personal bankruptcy filing will allow the consumer to make informed decisions.

Source: autocreditexpress.com, "Can You File for a Second Bankruptcy?", Accessed on Oct. 7, 2016

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  • NACBA | National Association of Consumer Bankruptcy Attorneys
  • NACA | National Association of Consumer Advocates
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Goldman & Beslow, LLC is a Federal Debt Relief Agency by an Act of Congress. We have proudly assisted consumers seeking relief under the U.S. Bankruptcy Code for over 38 years.

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