No one knows what tomorrow will bring. One day the stock market is up; the next day it is down. One day a business is booming; a little while later the business has to close its doors. One day a person is healthy; another day they have a stroke requiring a lengthy stay in the hospital. These unpredictable reversals are just some of the reasons why Illinoisans file for bankruptcy.
But what happens if Illinoisans get hit with one unfortunate event after the next? What if, for example, they have a great business idea that ultimately goes bust one year and then the next year they have medical problems that bury them in medical debt? What if the person filed for Chapter 7 bankruptcy after the business collapsed but before his or her health went south? Could he or she file for Chapter 7 bankruptcy again, right on the heels of the first bankruptcy?
The short answer is, no. Illinoisans cannot file for Chapter 7 again and again in rapid succession. Instead, they need to wait a full eight years between each Chapter 7 filing.
But all is not necessarily lost. Other forms of bankruptcy have shorter waiting periods. One of those options may better suit Illinoisans’ needs when they get hit with a heavy dose of bad luck.
To learn more about what option might be right for them, Illinoisans may benefit from discussing their circumstances with an experienced bankruptcy attorney, someone who understands the ins and outs of the process. Doing so can be essential step on the way to a fresh financial future.
Source: Bankrate, “Too soon to file for bankruptcy again?” Justin Harelik, Accessed Dec. 20, 2016