How Often Can You File For Bankruptcy?

Filing for bankruptcy can be a stressful procedure that if not done properly can take a severe toll on your health and your family. When you file for bankruptcy you want to make sure you do it right and get the maximum benefit from the entire process. The only way to make sure that receiving the proper results is to hire a bankruptcy attorney that will represent you. Filing Chapter 7 bankruptcy will allow the debtor to wipe out all their unsecured debt including credit cards, medical bills, personal loans and payday loans. When you file bankruptcy under Chapter 7 you want to make sure that you include all your debts because you won’t be able to file Chapter 7 for another eight years. Prior to the changes in the bankruptcy code back in 2005, a debtor used to be able to file Chapter 7 bankruptcy every seven years. The changes were made to the bankruptcy code because Congress believed that there were many people filing abusive bankruptcies, so they increased it to eight years. The date that the court uses is the actual filing date of the bankruptcy, not the date of the bankruptcy discharge. Some bankruptcy filings might go on for a longer period of time because of amendments and postponements. That’s why the bankruptcy court uses the actual filing date

In the case of a Chapter 13 bankruptcy it can be filed again at any time. So if an individual files for Chapter 7 bankruptcy and gets in trouble before the eight year time frame, the only type of bankruptcy they can file is a Chapter 13. A Chapter 13 still does have a lot of benefits and insures the power of the automatic stay that will stop the creditors from coming after them. When faced with the proposal of filing bankruptcy multiple times, a bankruptcy attorney should be consulted before making any decisions. Sometimes a bankruptcy attorney might have creative ideas to string out the creditors.

Getting answers to those tough bankruptcy questions needs to be thought of before you make a decision when it comes to your financial problems. Finding the answers to help you understand your situation more clearly can help you make an informed decision about filing bankruptcy. Take a minute to call or fill out the form to have a FREE NO OBLIGATION CONSULTATION with a bankruptcy attorney in your area.