It doesn’t happen a lot, but yes, at Bankruptcy Advocates, we do see clients a second time. They come to us with a financial burden and we help them file for bankruptcy and then eight or nine years later they call us again.
There are also different types of bankruptcy. Most common is Chapter 7 for those with a lower income level who will have difficulty repaying their debt. However, if your income is higher and what you require is a longer repayment term, Chapter 13 may be the best route for your individual circumstance.Sometimes we recommend that our clients file two bankruptcies. You may have debts that can not be discharged in a Chapter 7 bankruptcy but can be discharged in a Chapter 13 bankruptcy. In those case, our clients will file a Chapter 7 and after that case is completed immediately file for relief under Chapter 13. This happens infrequently, but in some circumstances, it is the correct choice.
If you have no interest in filing a second bankruptcy after filing the first time, you must learn the reasons why you are filing and take steps to correct that situation. If you find yourself in debt due to overspending on your credit cards, then the best solution, once your debts are discharged or repaid is to seek financial education on how to budget your money. Resolve that you will never run a balance on your credit cards in the future.
If your financial troubles were due to student debt, medical expenses, past due child support or IRS payments, bankruptcy may not be the solution. However, there are several ways that bankruptcy advisors can help you structure your obligations so that you can begin to repay creditors and get out from under your debt.
If your financial troubles stem from an inability to managing your spending habits there may be more involved that should be examined. The Illinois Institute for Addiction Recovery lists some of the signs that you or a loved one may have a spending addiction.
· Shopping or spending money as result of feeling disappointed, angry, or scared
· Having arguments with others about one’s shopping or spending habits
· Feeling lost without credit cards
· Feeling a rush of euphoria and anxiety when spending money
· Lying to others about purchases made or how much money was spent
If some or all of these signs ring true, we recommend that you seek further assistance in addressing your needs. Bankruptcy can be the right solution to help a person or family get out from under crippling financial debt and start over. However, the hope is that the clean slate that bankruptcy offers is the beginning of more responsible spending so that the situation doesn’t repeat itself.
It takes time to improve your credit score and that requires budgeting, reduced spending, and a conscious effort to keep debt to a minimum.
Bankruptcy should be a last resort. At Bankruptcy Advocates we like to say that we like our clients but we don’t want to see them again. However, if you need us – we are here for you.
Need some help? The professionals at Bankruptcy Advocates are here to help you through creating a manageable plan for paying off your debt. The first consultation is free. Give us a call.
Southern Illinois Bankruptcy Attorney law firm Bankruptcy Advocates is located in Carbondale and serves a wide geographic community. We are a debt relief agency. Our southern Illinois bankruptcy attorneys help people file for relief under the Bankruptcy Code. The first consultation is always free. Give us a call at 618-549-9800 or email us at [email protected] to speak about your case or legal matter. Convenient appointment times are available.