Filing Bankruptcy: The Sequel

So you finally gathered your nerves and started the process of consumer bankruptcy.  You've consulted an experienced attorney, gathered all of your financial documents, a list of creditors and taken a financial management course.  You are off to live your life with a clean slate, free from creditor harassment.  But what happens if you need to file bankruptcy again?

Repeat bankruptcy filings should be avoided, or at a minimum, entered into with caution.  If you previously filed a successful Chapter 7 that ended in a discharge of debts, you must wait at least 8 years before filing Chapter 7 again.  Additionally, under the Bankruptcy Abuse and Consumer Protection Act of 2005, a court may deny a stay to certain repeat filers of "bad-faith petitions". 

To avoid becoming a repeat filer a serious assessment of your financial needs and means should be completed prior to filing for Chapter 7.  Additionally you should work with a skilled law firm like Fears | Nachawati Law to properly navigate the system.