As of 2021, a total of 10,446 people filed for bankruptcy in New Jersey and 14,734 in New York. Fortunately, 2021 was the lowest year for bankruptcy filings since 2000, but many people are still filing.
Bankruptcy is still a popular option for many people because it allows them to stop harassing creditors and allows them to access their bank accounts. But even if debt relief gives you a fresh start, you may find yourself in financial trouble again later in life. Especially when things don’t go your way and you end up with a debt you can’t afford, it’s not going to be easy to repay.
So you might come up with the idea of bankruptcy again, but you might worry, “Can I file for bankruptcy again?” or “If I file for bankruptcy again, will I be starting from a much worse position than before?”. The good news is that there is no limit to the number of times you can file for bankruptcy itself. So you can re-file bankruptcy, and there are no penalties for doing so.
However, if you file bankruptcy after another, a certain period of time must pass before you can apply. For example, let’s say you filed for bankruptcy under Chapter 7 in May 2014 and your discharge was granted in December 2014. If you discharged your debts in a previous Chapter 7 bankruptcy and want to file Chapter 7 again, you can do so eight years after you filed bankruptcy. So you can file for bankruptcy again in May 2022. On the other hand, what if you have a job with a high fixed income, and your debts don’t meet the statutory threshold for Chapter 13, so you can file for Chapter 13? You must wait four years before you can apply. So, based on the previous example, you could file for Chapter 13 in May 2018.
Over the course of your life, you may end up with a lot of debt for a variety of reasons. Bankruptcy can help you get this financial fresh start. However, bankruptcy is never an easy process. If you are hesitant to file bankruptcy because you have already been through one, we strongly recommend that you speak with an experienced and skilled bankruptcy attorney. If you have any questions about bankruptcy, please contact mail@songlawfirm.com으로.