(ThyBlackMan.com) These are uncertain economic times that you are currently living in. It is now harder than ever for the middle class, working families, and small businesses to succeed. This is especially true if you are already piling up debt. Once you get in debt it has that snowball effect. The debt just keeps coming and coming until you are completely overwhelmed and left with no other options than filing for bankruptcy. Bankruptcy should always be the last result as it is a scourge that stays on your credit report for many years. So, if you have filed for bankruptcy before and are once again left with no other option is it possible to file again?
How Many Times Can You File
Most people are surprised to learn that you can actually file for bankruptcy as many times as you want. Of course, this doesn’t necessarily mean that you are going to be granted a discharge every time. The main reason to file for bankruptcy in the first place is to completely wipe your debt and start anew. This means that the question is not how many times you can file for bankruptcy, but how many times can you receive a discharge of debt through bankruptcy.
How To Get A Discharge Of Debt
There are some exceptions when it comes to bankruptcy. Yes, you can discharge your debt and pay pennies on the dollar to the debt that you currently owe. However, this type of discharge does not apply to student loans and tax debt. So, if you own student loans or are indebted to the IRS, you are still going to be left with that debt. As long as you qualify for the bankruptcy chapter under which you file most cases filled with the assistance of a qualified bankruptcy attorney will result in a discharge of debt. However, there some cases in which you might be denied.
Avoid Defraud
If at any point you try to defraud the court by transferring, moving, or concealing the property, you are going to be in major trouble. Make sure that you discuss any transfer of property with your lawyer before filing just to make sure that everything is on the up and up.
Hide Or Destroy Information
If at any point, you try to hide or destroy information about your financial situation, you are going to be denied your discharge. Not only will you be denied, but you might, in fact, be prosecuted on criminal charges. Make sure that you keep clear and concise financial records safe and organized.
Refuse To Comply To Court Order
It probably goes without saying that you always need to adhere to whatever stipulations are placed by the court. However, there are some people out there that do not follow such rules. In these cases, it is entirely possible that your discharge might be discontinued and you will be left standing in that pile of debt again. Make sure that you always stick with the courts ruling and stipulations. You do not want to find yourself in the bad graces of the fiscal court system.
Staff Writer; Carl Harris