Bankruptcy – Second Time Filers

With the real-estate crash in the late 80’s and the recent recession, there have been many individuals that have already been through a bankruptcy once and have found themselves in financial trouble again.

A second bankruptcy has longer implications on your credit rating and it is more complex than a first time bankruptcy.

In a second time bankruptcy, if you have no surplus income you are eligible for an automatic discharge in 24 months. If your income does trigger your requirement of surplus payments, you’re required to make those surplus payments for 36 months and are bankrupt for 36 months.

Also a second bankruptcy appears on your credit report for 14 years!

There are many alternatives if you have previously filed for bankruptcy to deal with new debt.