You would think that being in such deep debt that you have to file bankruptcy would be enough shake you the first time. However, for many it’s part of the cycle. Although it’s a small minority of people, it is no longer shocking to me to see debtors with one bankruptcy talking about filing another. Just like there are credit card companies that abuse the laws, there are debtors who know how to play the system as well.
Although there is no limit to the amount of times you can file bankruptcy, there is no question that you will have a tough time discharging your debt the second time around. If you think that you can file bankruptcy every 7 years, you are in for a rude awakening. In my research, I have found that in the majority of cases where debtors managed to file Chapter 7 a second time, the reason was due to severe medical debts. However, there may be exceptions. This is simply what I have discovered in my years of collecting from debtors and family members that have been through the process. If you are going to try to file a second time, you should not delay action or sit on your hands. However, after your second bankruptcy you may want to look into a lifestyle change.
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