Can you file for bankruptcy more than once?

Unexpected expenses or limited know-how in managing credit often lead individuals to pursue bankruptcy. Since people are required to take classes to learn about budgeting and debt avoidance as part of the bankruptcy filing process, many people would assume that they couldn’t end up back in a place where they needed to file bankruptcy again. It can happen, though.

If you need debt relief again, you might wonder if you can file for bankruptcy once again. You can.

The U.S. Bankruptcy Code does limit how often you can file. The waiting period between Chapter 7 filings, for example, is eight years. An estimated 16% of bankruptcy petitioners have pursued this type of debt relief before.

Is a second bankruptcy filing more likely to be denied?

One common question that people who need to file for bankruptcy for the second time often ask about if there’s a higher chance of their case being denied. The chances of this happening are no different than they are your first time around. A dismissal of your case is likely to happen for one of the following reasons:

  • Failing to take required classes: You must show the court that you completed certain financial and credit education classes to move forward with the bankruptcy process. The court may dismiss your case if you don’t.
  • Hiding assets: Bankruptcy disclosures require you to list your assets, including whether you’ve sold or transferred any to others in the months leading up to your bankruptcy filing. If you fail to answer these questions truthfully, then the court could dismiss your case.

It’s key that you follow any of the trustee’s orders if you wish for them to allow you to discharge your debts as well.

Bankruptcy can provide you with that debt relief necessary to get back on a solid financial footing once again. Find out if it’s right for you.

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