how bankruptcy works
The short answer to this question is yes. The facts of filing more than once can become very complex. Here is an idea of how it might work.
In reality, you can file bankruptcy as often as you like, but the results will differ. You really need a thorough understanding of the bankruptcy laws if you intend to apply them for multiple filings. We’ll try, however, to put together an overview here.
A Chapter 7 filing can be obtained every 8 years from a previous Chapter 7 filing and on the 6th year from a previous Chapter 13 filing. Chapter 13 can be filed every two years from a previous Chapter 13 filing and on the 4th year from a previous Chapter 7 filing. The date of discharge does not actually affect your ability to qualify for a bankruptcy filing, but the type of bankruptcy you have previously filed and the time period designations of the filings will have an impact on your ability to qualify for bankruptcy.
The best financial advice is to avoid bankruptcy. It is not some sort of secret tool you can employ to your benefit whenever you feel the need. Bankruptcy should always be a course of last resort whether t is filed under Chapter 7 or Chapter 13. For individuals and business people who have hit serious hard financial times, a bankruptcy can give them the time and opportunity to get their financial house in order. Apart from that, bankruptcy is not a wise decision.
A bankruptcy leaves a stain on your credit record for ten years. Imagine what a mess your credit report might be with multiple bankruptcies. Many lenders and other institutions dependent on credit scores will not even think about considering you for the entirety of the ten-year period that your credit is marked with bankruptcy. This can make it impossible to secure a mortgage or even a lease for renting an apartment. You probably won’t be driving a late model car for a while, unless you can pay for it in cash. Leasing office space and business equipment will become a major problem if you run your own company. The list of difficulties incurred because of bankruptcy goes on and on.
If you needed to ask this question, about how many times you can file bankruptcy, you might want to consider your financial strategy. Perhaps you need someone to give you guidance on how to work with a household budget or how to finance your business operations. The idea of filing bankruptcy even once should be a far cry from your money management considerations, much less filing numerous times.
Chintamani Abhyankar, is a well known expert in the field of finance and taxation for last 25 years. His famous Tax eBook “Stop donating your money to IRS” which is now running in its second edition, provides intricate knowledge and valuable tips on personal finance and income tax. Just visit his website http://www.planningyourtax.com/ and claim your FREE eBook
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