Bankruptcy is an effective path to eliminating unmanageable debt. Many people emerge stronger and more in control of their finances, but it takes others longer to find their financial footing. For them, filing for bankruptcy again becomes a viable option. Though some are under the impression you can't do so more than once, this is not true. Below are three facts to know about filing bankruptcy for those who have already done so in the past.

What to Know About Filing for Bankruptcy Again

1. There Is a Waiting Period

You cannot file right on the heels of a previous bankruptcy discharge. If you already claimed a chapter 7 bankruptcy, you must wait eight years before filing again. Those who claimed a chapter 13 bankruptcy must wait two years from the date their last one was discharged. If you've filed chapter 7 previously but want to file chapter 13 now, there must be a four-year window between the two.

2. If Your Debt Wasn't Discharged, You Can Refile Sooner

Some people start the bankruptcy process only to back out at some point before the discharge is complete. Any number of factors could cause a bankruptcy to stop in its tracks, such as not showing up for your hearing, not completing the paperwork or submitting the required documents, or just simply changing your mind. If a previously filed one was never completed, you generally have to wait only six months to file again.

3. You Should Always Pursue Other Options First

Bankruptcy should only be considered as a last resort. There is never any shame, but the system is not set up to be a first-ditch debt relief effort. Before you file, whether it's your first or second time, always look into other debt management options before you sign on the dotted line. You may find a solution that works better for your situation. If not, you know bankruptcy is always available.

Since 1987, Redding, CA, residents have trusted Mark Briden Law to help them when they require legal representation. Attorney Briden and his team offer bankruptcy support and solutions designed to meet your goals and get you back on the road to financial freedom. They also offer flexible payment plans to meet your financial needs. Call (530) 222-1664, or visit the firm online to arrange your free consultation today.