Taking those first steps to remedy financial woes can be very difficult for people in New Jersey. But many people who seek out help in order to deal with their mounting bills and unmanageable debt are able to make a fresh financial start.

But debt-relief solutions, including bankruptcy, require active participation. People need to learn about how to make better financial decisions in the future and stay on top of paying bills and other payments on time. If this does not happen, a person could end up facing more money troubles down the road. In some cases, people find themselves considering filing for bankruptcy a second time. But is this possible?

Filing for bankruptcy twice is not unheard of. But there are many limitations and stipulations that people must understand before considering this as a debt-relief solution. To begin with, a person can only file for Chapter 7 bankruptcy once every eight years. If he or she needs relief before that time, it may be appropriate to consider repaying debt through Chapter 13 bankruptcy, rather than seeking a discharge of debt. But generally, people would want to avoid going through bankruptcy a second time in just a few years. People can do this by seeking out resources and effective solutions for financial management before it becomes an issue again.

Money problems do not go away on their own and people can keep running into the same problems unless they find feasible solutions that help them deal with debt in an active manner. People can work with a bankruptcy attorney in order to tackle financial issues effectively the first time around in order to avoid making similar mistakes in the future.

Finances can be a very difficult topic to discuss, especially for those who are struggling. But rather than try and ignore them or assume that everything will work itself out, people can be more proactive in finding tools and solutions that can help them get out from under debt and work towards a more positive and stable financial future.

Source: Fox Business, “Too Soon to File for Bankruptcy Again?” Justin Harelik, Aug. 14, 2013