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While bankruptcy is often the most effective means for individuals to deal with significant amounts of debts and achieve a fresh financial start, it does not guarantee that the individual won’t experience other life events that create additional financial stress.  In some cases, the individual may have many good financial years from the first bankruptcy discharge to the second period of financial stress and increasing debt. In other cases, some individuals are hit with one difficult life event after the next. These situations are difficult and heart-rending. A Philadelphia bankruptcy attorney of Sadek & Cooper is proud to assist hardworking Pennsylvanians who have run into difficult financial times. We are committed to helping people get out of debt regardless of your par or history. To better understand when a second bankruptcy is available and whether a bankruptcy filing is right for your situation, read on or contact our bankruptcy lawyers for a free consultation by calling 215-995-2543.

How Long Must I Wait to File a Second Bankruptcy if I Previously Received a Chapter 7 Discharge?

If you have previously filed for Chapter 7 bankruptcy and received a Chapter 7 bankruptcy discharge, you will need to wait for a certain amount of time to elapse before you can receive a second bankruptcy discharge. To be clear, the waiting period is only triggered when a discharge is granted by a bankruptcy court. If you started a bankruptcy filing but did not complete the process, it is likely that you will not need to wait additional time to proceed with your filing.

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However, if you have already been granted a Chapter 7 discharge that eliminated all of your remaining unsecured and other dischargeable debts, you will need to satisfy a certain waiting period before a second discharge can be granted. If you wish to file for Chapter 7 for your second or subsequent bankruptcy after already receiving a Chapter 7 discharge, you will need to wait until at least 8 years have elapsed. If you wish to file a Chapter 13 proceeding after receiving a Chapter 7 discharge, you must wait a minimum of four years.

How Long Must I Wait to File a Second Bankruptcy if I Previously Received a Chapter 13 Discharge?

If you have previously filed a Chapter 13 bankruptcy case and have received a bankruptcy discharge under the chapter, you will also need to wait until sufficient time has elapsed to receive a second discharge. If you wish to file a Chapter 7 case after receiving a previous Chapter 13 discharge, most individuals will need to wait until six years have elapsed. However, certain filers may be exempt from this waiting period including individuals who paid all secured creditors in full and individuals who proposed their Chapter 13 plan in good faith and paid at least 70% of all claims.  If the taxpayer wishes to file a second Chapter 13 case, he or she will need to wait for two years to elapse.

Why Do Pennsylvanians Need Successive Bankruptcies?

There are no single reasons as to why Pennsylvanians need to file a subsequent bankruptcy. However, injury events including slip and falls, car accidents, or other severe personal injuries and health issues, like a heart attack or stroke, frequently result in significant doctor bills and hospital bills. At the same time, the injury or illness forces the individual to reduce his or her hours of work or stop work entirely. Thus, injuries and medical events frequently hit both the income and expenses side of an individual or family’s finances.

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However, there are many reasons why a household might experience financial stress after a first bankruptcy. Other common causes  for excessive debt and other difficult financial circumstances include the loss of a job, a divorce or other family events, and other unexpected expenses or financial obligations.  The bankruptcy lawyers of Sadek & Cooper are proud to assist all hard-working and well-intentioned Pennsylvanians to achieve a fresh financial start regardless of the reasons they experienced financial stress.

Work with a Strategic Philadelphia Bankruptcy Lawyer

If you have run into financial troubles and are having trouble paying debts while also providing the necessities your household needs, the Bucks County bankruptcy lawyers of Sadek & Cooper may be able to help. Whether this is your first bankruptcy filing or if you’ve been through the process previously, our lawyers are happy to help. To schedule a free and confidential consultation, call Sadek & Cooper at 215-995-2543 or schedule a consultation online. Our offices are conveniently located in Center City Philadelphia, northeast Philadelphia, Delaware County, Bucks County, and in southern New Jersey.