No Obligation Free Consultation

  • 860-733-0484
  • |
  • 978-258-0384
  • |
  • 978-824-2031 Fax
Forghany Law P.C.

Personal bankruptcy can help provide long-term debt relief

Life can throw many twists and turns. Being laid off can suddenly send a person with relative financial security into deep debt, as financial commitments pile-up. However, many people have been through similar issues and have found relief.

Personal bankruptcy can be a way for a distressed consumer to find debt relief in an organized manner. Yet, if a person doesn't fully understand the terms of bankruptcy, trouble can arise down the road. Like any major financial decision, it's often helpful to seek trusted advice before moving forward with Chapter 7 or 13 bankruptcy.

One particular aspect of bankruptcy law that may be useful for consumers is how often a person can file for relief. For example, if a person files Chapter 7, but he or she continues to struggle with debt years down the road, the same type of bankruptcy may not be an option. Under the law, a person must allow eight years between Chapter 7 filings.

If a person happens to fall into debt again after going through personal bankruptcy, they may have a number of options on the table to move forward. First, a person may be able to work with mortgage lenders to receive a loan modification. This can make monthly house payments much more manageable, while limiting the chance of foreclosure.

At the same time, however, a person may want to look into the possibility of bankruptcy again. Although a second Chapter 7 filing within eight years isn't possible, it might be worthwhile to consider filing Chapter 13. This type of bankruptcy allows for repayment of creditors over a period of three or five years.

A successful bankruptcy filing can pave the way to stronger finances, and a trusted attorney can provide advice along the way.

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

Forghany Law P.C.
1 Canal Street, Suite 201
Lawrence, MA 01840


Fax: 978-824-2031
Lawrence Law Office Map

Forghany Law P.C.
(by appointment only)
100 Pearl Street
Hartford, CT 06103


Fax: 978-824-2031
Hartford Law Office Map

Forghany Law P.C.
149 Main St.
Hyannis, MA 02601
Hyannis Law Office Map


Client Meeting Centers

Fax Us | 978-824-2031 No Obligation Free Consultation

Massachusetts |


Andover, Boston, Braintree, Brookline,
Burlington, Cambridge, Charlestown,
Dedham, Framingham, Hingham,
Marlborough, Newton, Quincy, Wakefield,

Connecticut |


East Berlin, Greenwich, Hartford,
Norwalk, Shelton, Stamford, Westport. (meeting office only)
157 Church Street
19th Floor
New Haven, CT 06510