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You can file for bankruptcy as many times as you like, but there are limits to how often you can be discharged from bankruptcy. Also, bankruptcy courts can choose to deny bankruptcy applications. You can receive a discharge from Chapter 7 bankruptcy once every eight years and from Chapter 13 bankruptcy every two years. If you get discharged from Chapter 7, you must wait six years before getting discharged from Chapter 13. If you get a Chapter 13 discharge, you must wait four years to get discharged from Chapter 7. You must wait six years between Chapter 7 bankruptcy filings. The bankruptcy court will scrutinize multiple filings and may deny a person the ability to refile a case if filings are an abuse of the bankruptcy code. For example, if you are habitually charging up credit cards and try to come back to bankruptcy court again and again, your case may be denied. A Chapter 7 bankruptcy takes about four months until the discharge is received. At this point, the bankruptcy becomes final. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 included the following provisions: Before filing for bankruptcy, a debtor must have a briefing on bankruptcy alternatives; and before receiving a bankruptcy discharge, a debtor must complete an instructional course on personal financial management. These provisions are designed to help avoid multiple bankruptcy filings, though such filings are still legal.Discharge
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by Kelly Robbennolt on December 22nd, 2009
While you can file bankruptcy whenever you wish, there are limits that will effect whether your debts are discharged. Bankruptcy is a legal process and as such there are a lot rules involved.
You can file bankruptcy as many times as you wish, but your debts can only be discharged every 8 years. If the court sees that you have filed bankruptcy in the previous 8 years then your debts will not be discharged and you will have wasted your time and money filing.
So What Do You Do
The limits on bankruptcy can be hard if you end up with financial problems too soon after you have already filed a bankruptcy. In order to prevent this from happening you should be well prepared before you ever file bankruptcy in the first place.
You need to understand the process and make sure that you get all dischargeable debts filed in the bankruptcy case. You should also make sure that you are financially stable enough to rebuild after the bankruptcy.
Another thing you must do is make sure that you are responsible after your bankruptcy. Do not go out and rack up new debts. Be smart about credit. Only get credit when you now you can afford it.
Avoiding Future Bankruptcy
To avoid a need to file bankruptcy again you need to get your finances in order. That starts with a budget. You have to budget everything you spend money on. Wipe out careless spending and make sure you cover all the necessities.
Pay bills first always. Put away some money in savings for emergencies second. Then you can spend money on whatever else you need. It is all about being smart with your money and avoiding the credit trap.
Stay away from high interest credit cards and other credit offers that seem to be taking advantage of you. Do not get into an agreement unless you can be sure you can afford it without having to dip into savings.
Filing bankruptcy is a privilege and limits are placed to help avoid people taking advantage of the system. If people could just file bankruptcy all the time then the whole idea of credit would fall apart because lenders and creditors could not afford to stay in business. Credit is important, so avoid having to file bankruptcy again by being smart about your money. Worry more about budgeting then when you can get your debts wiped away again.
Kelly Robbennolt
Phone: 801-787-6398
Fax: 888-730-8950
Email: kellyrobbennolt@gmail.com
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