Second-Time Bankruptcy: Understanding Your Options

There are many misconceptions about bankruptcy. One common myth is that you can only file bankruptcy once in your life. Fortunately, that isn't true.

The law doesn't place a limit on how many times you can file for bankruptcy. However, it does impose waiting periods for getting your debts erased (discharged). Depending on the type of bankruptcy you filed previously — and the type you'd like to pursue now — you may have to wait two to eight years to get your debts discharged again.

Determining What Makes Sense For You

For some people, it may still make sense to pursue Chapter 13 bankruptcy before the waiting period has passed. Reorganizing your debts into a single monthly payment can give you breathing room to catch up on overdue payments. For some, this repayment plan is a valuable tool, even if you aren't yet eligible to discharge your debts at the end of the plan. At our firm, we can help you file Chapter 13 for no money down.

Other considerations come into play if you previously filed a bankruptcy case that was dismissed or closed prematurely. If you file again, you may lose out on the protections of the automatic stay such as stopping foreclosure and collection lawsuits. That's why it's so important to discuss your options with a qualified bankruptcy lawyer.

There's no shame in filing a second bankruptcy. Why not take advantage of the protections available to you under the law?

Get Help Navigating The Complex Time Frames Of Repeat Bankruptcy

As you can see, the time frames and considerations involved in filing a repeat bankruptcy are complicated. At Wootton & Wootton, P.C., our lawyers can help you sort through your options. We regularly represent people who are filing bankruptcy for the second, third or fourth time.

Contact our offices in Durham or Henderson, North Carolina, at 919-794-8660 to schedule a free initial consultation with one of our attorneys.