If you’re wondering if you should file for a second bankruptcy after you’ve filed for your first, here are some tips to consider. For one thing, you’ll have to wait until you incur new debts. If you’ve already discharged your debts through a previous bankruptcy, you’ll also have to be certain that you’re not in danger of getting your household goods confiscated. You can also find out how to restructure your debts instead of filing for a second.
Wait until you incur new debts
If you’re facing future debts, and your assets are exempt from first bankruptcy, you should delay filing until your new debts become due. However, you are still responsible for paying your new debts, so you shouldn’t ignore them either. In addition, you can also consider selling your assets, such as your retirement account, to avoid the bankruptcy tax. There are a few risks to this. For instance, you may be liable for an additional tax bill and you can have to pay a 10% early withdrawal penalty. A credit counselor can help you decide if this is a good option.
If you’re going to file for bankruptcy, you should attend a credit counseling course within 180 days of the date you intend to file. This will allow you to learn about your options, and you’ll also be able to understand the consequences of your decisions. If you wait to file, you’ll be able to buy needed insurance in installments, avoid buying expensive vacations, and stay away from credit card shopping sprees.
Restructure your debts instead of being discharged
When you are considering filing for bankruptcy, you might be wondering what exactly is the best way to go about getting rid of your debts. Depending on your situation, there is a wide range of options available to you. From negotiating with creditors to filing for Chapter 7 or Chapter 13 bankruptcy, you will find that there are many different ways you can get out of debt. Taking the time to understand the options you have will help you determine which is the right approach for you. It is important to remember that the best option for you will depend on the amount of debt you have and your income level.
Requirements for filing a second bankruptcy
In order to file for bankruptcy again, you have to meet certain requirements. There are also time limits on filing for bankruptcy.
If you have filed for bankruptcy and received a discharge, you have to wait for eight years before you can file for another Chapter 7 case. In some cases, the waiting period is waived if you have a payment plan and your debts are paid at least 70%. You must also visit an approved credit counseling agency before you can file for another bankruptcy.
You should consult with a New York bankruptcy attorney before you file for a second bankruptcy. If you file for a second bankruptcy before the prescribed waiting period has ended, you may lose some of the bankruptcy protection benefits toonily.
You must have a debt plan before you file for bankruptcy. This plan will help you catch up on payments and pay off some of your past due debts. It can also give you a fresh start. You can consult with a nonprofit credit counselor for advice. They can assess your financial situation and suggest the best options for you.