It could be very much imperative for you to know that while a debtor can consider filing personal bankruptcy any number of times, you could qualify for a total discharge of debts only once in eight years. Remember that bankruptcy involves a legal procedure which needs to be followed and is therefore subject to numerous rules and regulations.

It could be very much imperative for you to know that while a debtor can consider filing personal bankruptcy any number of times, you could qualify for a total discharge of debts only once in eight years. Remember that bankruptcy involves a legal procedure which needs to be followed and is therefore subject to numerous rules and regulations. Typically, as per bankruptcy laws, if you have been discharged for debts by undergoing bankruptcy process during the past 8 years, your debts might not be eligible for a discharge. Many debtors, who have previously been discharged for debts, get intrigued by the question, How often can I file bankruptcy? The answer could be as simple as what is being already said.

What are your options?

There could be situations when you could once again find yourself amid financial problems after filing a bankruptcy earlier and obtaining a discharge for excessive debts. Normally, such circumstances arise when you are not that well prepared prior to your previous bankruptcy filing. When you feel, Should I file for bankruptcy ? For the first time, it could be very much imperative for you to thoroughly understand the entire bankruptcy filing procedure. This could be essential to ensure a complete discharge for all your outstanding debts that have become hard to manage. Additionally, you also need to make sure that your financial situation is sustainable in a post bankruptcy scenario. To that effect, it is always better to avoid getting into new debts and exhibit a more responsible behavior on your part.

Ways to avoid bankruptcy in future

In order to avoid filing a Bankruptcy Petition in future you need embark upon some meaningful action to get your financial situation back on track. The below mentioned guidelines could be of immense help to that effect.

Prepare a monthly budget and ensure that there are no wasteful expenses. At the same time make sure that all your necessities are taken into consideration.

It could be important for you to pay your monthly bills first. Additionally, you also need to save some money for any kind of emergency situations.

Do not apply for high interest credit cards which you might not be able to afford. This is because you could get many offers for new credit after you undergo a bankruptcy. Even if you avail new credit lines, you need to ensure that it does not affect your monthly financial savings.

To get more useful information on chapter 7 or chapter 13 bankruptcy processes, it is hereby recommended to utilize the professional services offered by reliable and reputed online service providers like Habib and Zalewski P.C..