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When can you file for bankruptcy for the second time? Atlanta, GA

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When can you file for bankruptcy for the second time?

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Earlier this week, we discussed the reasons behind Sindbad’s second bankruptcy filing, and a couple weeks ago we discussed the second bankruptcy filing of Toni Braxton. These blog posts may have made Atlanta residents wonder about the rules for filing for bankruptcy a second time. 

The debt relief offered by Chapter 7 bankruptcy provides a fresh financial start for filers, and as a result they are often able to build a solid foundation so that they do not end up in dire financial straits again – but, in some cases, unforeseen events do lead to another bankruptcy.

It is only possible to obtain a Chapter 7 bankruptcy discharge once every eight years. However, when a person is not quite at the eight-year mark, but is in serious need of bankruptcy protection, it may be possible to file for Chapter 13 bankruptcy.

This may be a good idea for people who are being sued by creditors or who are facing wage garnishment or foreclosure actions.

A Chapter 13 filing does not simply discharge debt, as Chapter 7 does. Rather, this type of bankruptcy allows a person to reorganize his or her debts over a three- to five-year time period. Typically, filers will not have to pay back all of their debts with this type of bankruptcy reorganization.

Those who have already filed for bankruptcy once and are considering doing so a second time should seek legal counsel. The options and strategies available will likely be different than those that were available the first time around.

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

Posted on behalf of Gingold & Gingold

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Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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