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How Often Can I File Bankruptcy?

It depends on the type of bankruptcy you would like to file. Chapter 7 requires eight years to have passed, and Chapter 13 requires six years to have passed. If you didn’t receive a discharge in the previous case, then you are able to file at any time.

Bankruptcy And Divorce

Depending on the type of bankruptcy filed, the ex-spouse may be able to drag you back into the debt dispute. Child support and alimony are not dischargeable and will have to eventually be paid. If you are filing bankruptcy before divorce, then the divorce judge will have broad discretion in dividing up liabilities after the bankruptcy filing.

Tax Refunds And Bank Accounts

Cash, bank accounts, and tax refunds are never exempt during bankruptcy. Whatever you own at the time of filing essentially belongs to your creditors. Everything accrued after the filing should belong to you. By optimizing when you file, you’ll be able to protect yourself and pay essential bills without losing everything.

Which Chapter Do I File?

The two most common choices of bankruptcy are Chapter 7 or Chapter 13. Which one you choose depends on your income status, worth of assets, and the types of debt you have. Another concern is the cost of filing bankruptcy, but usually, that is the least of your concerns. You will want to file for the one that helps you the most in the long term.