How Many Times Can You File Bankruptcy?

If you have filed bankruptcy in the past and you have dug yourself into a mounding piling of debt you may be wondering how many times you can file bankruptcy. While there are no limits to how many times one individual or one married couple can file bankruptcy, you should understand how filing bankruptcy multiple times can affect you. Understand what some filers do not and make the best financial decision for your future.

How Many Times Can You File Bankruptcy

While there are no limits on how many times you can file bankruptcy there are limits to how often you can file. The general rule is that 6 years must expire from the date of a prior bankruptcy discharge before you can be granted another discharge. For some Chapter 13 bankruptcies, there is no waiting period at all to obtain a discharge. For multiple filers, the judge may order a waiting period and may scrutinize your filing. If a judge sees any debt out of the norm multiple filers may be accused of debt dissolution abuse.

Should You File For Bankruptcy or Consider Alternative Solutions?

Anyone can file for bankruptcy regardless of how much debt they have. While anyone can file for bankruptcy, it does not mean everyone should. If you are asking “who should file bankruptcy?” you should consider your own personal circumstances. If you owe considerably more in debt that you can reasonably afford to pay you may be a good candidate. If you can make payment arrangements to pay off debts you should always consider alternative options before you file.

Can You File Bankruptcy On All Types of Debt?

Bankruptcy discharges are only granted to honest debtors. While you can have most of your debts discharged there are non-dischargeable debts as well. Some common debts that may not be discharged include: taxes, alimony, child support, and fines. If you have student loans you may ask “can you file bankruptcy on student loans?” The answer to this question is not cut and dry. You will have to prove that paying your student loans will impose a hardship on you and your family to have student loans discharged. If you can prove this hardship your student loan debt can be discharged.

Filing bankruptcy is a legal process with serious implications for dishonest filers. If you serious cannot pay your debt and you have tried every other alternative, bankruptcy may be a last ditch effort to get yourself out of debt. Research your options and what you can file to make the best decision.