Iowa Bankruptcy Lawyers Indicate It is Possible to File for Bankruptcy Multiple Times

Law Firm Newswire



Des Moines, IA (Law Firm Newswire) April 10, 2012 – Declaring bankruptcy is not an easy decision. However, it does not carry the same stigma as it once did.

Filing bankruptcy allows a debtor to start their lives over again, and this may happen more than once during the lifetime of a debtor, Iowa bankruptcy lawyer Kevin Ahrenholz indicated. Filing more than once is possible, as the definition of bankruptcy is the same, no matter if it happens right now or five to ten years in the future.

Bankruptcy is when an individual is unable to keep up with the debts because there is not enough money coming into the household. They may be drowning in inflated credit card bills, have loans they cannot pay, medical bills or other overdue financial obligations, and they cannot keep up their payments. Filing for bankruptcy gives a debtor a measure of control over their lives by either entirely eliminating their debt under a Chapter 7 bankruptcy, or partially repaying a debt under a Chapter 13 bankruptcy repayment plan.

In other words, when debts exceed assets, when creditors are constantly knocking on the door, or when a notice of garnishment is executed on a paycheck, bankruptcy may be the most logical solution to resolving a tough and stressful situation.

Those who have declared bankruptcy wonder if they can do so again. There are numerous instances of people declaring bankruptcy more than once. The wisest course of action before proceeding is to discuss the various options available with an Iowa bankruptcy lawyer, Ahrenholz suggested. This will provide the necessary legal guidance and assist those facing a decision to file, or not, with up-to-the-minute information on what they need to do.

It is important to remember that a bankruptcy stays on file with credit agencies for up to ten years. An individual’s FICO score (relates to credit reporting software developed by Fair Isaac and Company) also drops and it will take a number of years to rebuild. However, it can be done, Ahrenholz commented. For this reason, individuals contemplating seeking bankruptcy protection need to contact an experienced Iowa bankruptcy lawyer, and find out how the law applies to filing for bankruptcy multiple times.

The law states that in cases where a Chapter 7 bankruptcy was filed, a second Chapter 7 may be filed in eight years. If a Chapter 13 is filed, which is reorganizing one’s debts, another Chapter 13 may be filed in two years. In instances where someone filed a Chapter 13, after filing a prior Chapter 7, the person must wait four years. These are things people need to know to make an informed decision about their financial future Ahrenholz indicated.

Kevin Ahrenholz is an Iowa bankruptcy lawyer and Iowa bankruptcy attorney. To contact an Iowa bankruptcy attorney, Iowa bankruptcy lawyer, or set up an appointment, visit or call 1.877.888.1766.

Kevin Ahrenholz
309 Court Ave., Suite 805
Des Moines, IA 50309
Offices in Des Moines, Cedar Rapids, Waterloo, Mason City, and Vinton.

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