Bankruptcy Myth #1 Debunked: You Can File for Bankruptcy More Than Once

BANKRUPTCY MYTH NUMBER 1

I have filed bankruptcy once so I am not allowed to file bankruptcy again.

That’s not correct.  Your creditors may tell you that.  They certainly want you to believe that. But, that myth is totally wrong!  Bankruptcy relief is available to you even if you have filed a case before.  In fact, you could file a bankruptcy the day after you receive your discharge.  There are disadvantages for filing another bankruptcy case within two years of a Chapter 13 or four years of a Chapter 7.  But the advantages of protecting your property and/or money far outweigh any disadvantages.

In 2005, Congress changed the bankruptcy laws.  If you file a Chapter 13 case within four years of having received a Chapter 7 discharge, you will have to pay all of your creditors back and you will not receive a discharge.  However, think about your debts.  If all of your unsecured debt was eliminated in your Chapter 7, you probably don’t have much unsecured debt.  You may need a Chapter 13 simply to catch up on your house payments or prevent your car from repossessed or to stop a garnishment from a judgment creditor or a student loan creditor.  Either way, relief is available.

Before you make a decision about whether or not to file another bankruptcy case, schedule a Free Consultation with an experienced bankruptcy attorney in the Law Office of Seymour and Associates.  We will be happy to evaluate your situation and present options for your consideration.  Call us at 706-868-1968.  Our fees are the lowest in town and we offer Saturday appointments for your convenience.