Can You Really Declare Bankruptcy Twice?

Okay, I'm going to provide you with a bit of fair warning before I begin. This article is going to contain a mini soapbox regarding credit and personal responsibility. You see, I've been asked whether it's possible to declare bankruptcy twice, and as you'll soon find out there is something desperately wrong with that question.

Far too many people are having financial troubles because of irresponsible spending and relying on credit card debt and other types of loans. We haven't learned to live within our means, and we simply live on credit that will sooner or later blow up in our face. You should always strive to improve your financial circumstances, but until you get there you should not try to live a lifestyle that you cannot afford.

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If bankruptcy was necessary to give you a fresh start in your financial life (and this is something you should discuss thoroughly with a bankruptcy lawyer), then you should have use this as a new beginning and learned from your mistakes. If you continue to use the same reckless spending patterns, you will continue to build that end wind up in the same place.

Now I know that sometimes overwhelming debt and bankruptcy are the result of unsuspected expenses such as medical bills. In any case, however, bankruptcy provides you with a chance to wipe your slate clean (though at the cost of severely damaging your credit), and you should take advantage of this opportunity.

So by now you should realize that you need to take responsibility and do everything you can to avoid a second bankruptcy filing. However, if you're still wondering about the question above, the answer is that you can file for bankruptcy a second time after eight years have passed.

So if you filed for Chapter 7 bankruptcy and were successful (or if you went with Chapter 13 and paid most of your debts), then you will have to wait eight years before filing Chapter 7 again. But like I said before, you should do everything in your power to avoid this scenario.

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