With a few exceptions, most people are eligible to file bankruptcy again 8 years from when their prior Chapter 7 Bankruptcy was filed. (And, again, every 8 years!) If you’re not sure, we have access to the National Bankruptcy Court Data Base, and can easily check on your dates for you. Just give us a call or an email.
Most of my clients tell me they never thought they would ever have to file bankruptcy at all, ever. (If my career wasn’t dealing with other folks’ unexpected financial set-backs, I’d probably feel the same way about myself.) When I see someone from years ago for a 2nd, or even a 3rd bankruptcy, they again say they certainly thought they would never have to file again after the last time.
Unfortunately, life has a way of throwing curve balls at us all – in this case the unexpected, un-planned for financial setbacks. It’s not usually the same cause each time: For example, perhaps first a young couple spends on their honeymoon and setting up their lives together, then finds they don’t have the income they expected and they get behind on their bills. Years later, someone attempts a business venture that doesn’t work out. Still later, someone experiences a divorce, or medical issues that result in bills, having to be out of work a while, and continuing medication expenses. It’s not always the same.., but you get the idea.
Most recently, I’ve had clients come back to me who got everything under control several years ago, only to have this seemingly never-ending Great Recession pull the rug out from under them. This is the case nationally, but especially in mid-central Florida, where we are. The lack of the tourism and home building economy has affected this area especially hard, whether it’s directly or indirectly related to those particular sectors of the economy.
Actually, the Bankruptcy Laws are set up in a unique way to actually help the little guy (which is all of us other than the upper 1%), and this is one way it does. It’s not just a once-in-a-lifetime chance to restructure, or get a “fresh start.”
Rather than look at it as a defeat, I believe this is forward looking law. I believe that, not only does it protect folks from being attacked (harassed, wage garnishments, bank account seizures, etc.) by creditors, but it allows us to help set up a budget that works, and is the quickest way to obtain a good credit rating again.
If this might apply to your situation, please don’t feel embarrassed. I would guess maybe 25% of cases I file are for clients I’ve represented before. (Perhaps an even larger percentage is from relatives or acquaintances of former clients. Especially if people are trying to help each other, which a wonderful thing I see quite often, it can affect the finances of those around you.)
Be sure to simply call me to set up your initial free consultation, whether in office or by phone conference. Also, please visit my website at www.peterblinn.com for more articles, information, and explanations of what Chapter 7 bankruptcy is all about.
Peter Blinn
For over 30 years, listening to clients and putting them at ease, while meeting their needs and helping achieve future goals, in Marion (Ocala, Belleview, Dunnellon…); Lake (Leesburg, Tavares, Mt. Dora, Lady Lake, Clermont, Fruitland Park…); Citrus (Crystal River, Inverness, Homosassa, Hernando…); Sumter( Bushnell, Wildwood, Webster, Lake Panasoffkee…; Orlando, and The Villages.
