Blog

Aug
21
Considering Filing for Chapter 7 Bankruptcy for the Second Time?

Considering Filing for Chapter 7 Bankruptcy for the Second Time?

On behalf of Law Offices of Chad M. Hayward, P.C. posted in Chapter 7 on Wednesday, August 21, 2013.

People try to avoid making the same mistake twice. Still, about one in ten bankruptcy filers have gone through a prior bankruptcy. Every stressful financial situation is different, with many coming from unforeseeable events like a job loss or hospitalization, so having to file for bankruptcy more than once doesn’t necessarily mean the person is financially irresponsible.

Unfortunately, people who have filed for bankruptcy in the past may not have the option of filing for Chapter 7 again – not immediately, anyway.

Chapter 7 bankruptcies – which discharge your debts – can only be declared once every eight years. However, Chapter 13 bankruptcy may be a good option, which allows you to repay debts over a three- to five-year period.

Each Chapter 13 plan is unique, so the monthly payments and amount of debt that doesn’t need to be repaid – if any – varies from case to case.

If you’re facing a repeat bankruptcy filing, it’s crucial to discuss your situation with an experienced Illinois bankruptcy lawyer. Bankruptcy is designed to allow the claimant to get back on the road to financial health, but you’ll need some help getting there.

Source: Fox Business, “Too Soon To File For Bankruptcy Again?” Justin Harelik, Aug. 14, 2013


Convenient Locations

In order to provide convenience for clients throughout Chicago and Northern Illinois, we have offices in the following locations: 

Chicago • Schaumburg  • Oakbrook • St. Charles • Naperville • And More

Locations

We have office locations throughout the Chicago Area:

Chicago (Downtown)

Schaumburg

Oak Brook

Naperville


All calls are routed through our Downtown office for your convenience.

Phone: 312-967-3159

Locations

We have office locations throughout the Chicago Area:

Chicago (Downtown)

Schaumburg

Oak Brook

Naperville


All calls are routed through our Downtown office for your convenience.

Phone: 312-967-3159

Less
Sign Up for Our NewsletterLess
Sign Up for Our Newsletter
Subscribe Here