Just because one event in your life causes you to seek relief in bankruptcy that doesn’t mean it couldn’t happen again. Think about this. You start a business when you are 34. The business ends miserably and you discharge your liability on a large commercial lease, trade payables, and a bank loan in a bankruptcy. Next thing you know you are 48 years old, you suffer a heart attack and you were in the middle of switching jobs and got caught with no health insurance because the Cobra premium was insane and you could not afford it. What do medical bills from a heart attack look like without insurance? I bet the medical bills total 50k or more.
Now, fast forward again and you are 68 years young and your spouse passes away. Not only did they pass away but so did their income which was larger than yours but the bills are still the same. Even if you have 8k in credit card debt if your income is $1,100.00 a month in social security, that 8k in credit card debt might as well be a million dollars right?
As a general rule, you can file a Chapter 7 Bankruptcy every 8 years and get a discharge. You can file a Chapter 13 Bankruptcy every 2 years and get a discharge or you can file a Chapter 13 Bankruptcy 4 years after filing a Chapter 7 Bankruptcy and get a discharge. In other words, there really is no limit on the number of times you can file bankruptcy in a lifetime. Even if you don’t qualify for a discharge we can still file a Chapter 13 Bankruptcy and invoke the protection of the automatic stay and bar your creditors from collecting from you. That is necessary sometimes.
CONCLUSION
When the time is right, or when you are ready, reach out to Minnesota’s HIGHEST GOOGLE reviewed bankruptcy law firm at www.kainscott.com. You will be glad you did!
