At Utah Bankruptcy Professionals, our mission is to assist clients not only with necessary bankruptcy filings, but also many areas beyond. While our bankruptcy attorneys will help you with everything from bankruptcy forms to determining whether Chapter 7, Chapter 13 or other forms of bankruptcy are the best option, we’re also proud to assist many clients with the long-term processes needed to ensure they don’t go through bankruptcy all over again a few years down the line.
Sadly, industry data shows that above 10% of all bankruptcies filed are not an individual or entity’s first bankruptcy declaration. Here are some basic themes we can recommend when it comes to avoiding a second bankruptcy, beginning with some basic limitations on when such additional bankruptcies can even be filed.
Bankruptcy is not simply a process you can take whenever you feel like it, nor would anyone want to. There are limits to how often debt can be discharged through bankruptcy, based on the filing date of the previous bankruptcy and the types involved. Here is the basic information you need:
Even if the requisite amount of time has passed and you would be eligible to file for bankruptcy again, this is generally not a desirable outcome. Here are some general tips following an initial bankruptcy that will help you avoid the need to file again in the future:
For more on avoiding a second bankruptcy, or to learn about any of our bankruptcy attorney services, speak to the staff at Utah Bankruptcy today.