Filing for bankruptcy in New Jersey can be a tough decision, but if this decision is handled correctly and planned for by experienced bankruptcy attorneys, it can change your life. If debt has overcome your life and your ability to pay, a Chapter 7 or Chapter 13 bankruptcy might be a good choice. But what if you have filed for bankruptcy already in the past? Keep reading to see what your options are, depending on what type of bankruptcy you have filed already.

If You’ve Filed for Chapter 7 Bankruptcy in NJ

Chapter 7 bankruptcy is one of the most common types of bankruptcy. For most people, this is the classic “filing for bankruptcy” option that will discharge most of your debts, allowing you to catch up and reset your credit. In NJ, you must wait 8 years after filing Chapter 7 bankruptcy to file Chapter 7 bankruptcy again, but you can apply for a Chapter 13 bankruptcy after only 4 years. This setup may be informally referred to as a “chapter 20 bankruptcy” because you are “adding” chapters 7 and 13.

If You’ve Filed for Chapter 13 Bankruptcy in NJ

Chapter 13 bankruptcy is also common, especially for those with high-value assets. In this case, you are not “liquidating” or “eliminating” debt, but rather working on a 3-5 year approved plan with your debtors to make your payments. While you can, technically, file a second Chapter 13 bankruptcy 2 years after the first has been filed, you must also have completed your repayment plan. Since most Chapter 13 bankruptcies include a 3-5 year repayment plan, that extends the time before you can file another one. You can file a Chapter 7 bankruptcy after 6 years have passed, or with some special circumstances.

Hire A Bankruptcy Attorney To Help With Complicated Financial Debt

No matter what sort of bankruptcy you have filed in the past, if you are going for round two, you need a skilled bankruptcy attorney to assist. Call the law office of Robert Wachtel in NJ for skilled advice and legal representation today!

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Legal disclaimer: This web site has been prepared by the Law Offices of Robert Wachtel in the hope that it will assist you in becoming debt free through the Bankruptcy process. It gives information of a general nature and is not a substitute for competent legal advise. The viewer is advised to consult an attorney-at-law for legal advise as to his / her specific situation.

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