If you have been struggling with your finances for a while, you have probably already asked yourself, ‘can I file for bankruptcy?’  You should be glad to know bankruptcy is a legitimate option for people who are unable to repay their debts.  It is also possible to come back from a bankruptcy and rebuild your life.  By no means should you consider bankruptcy the end.  Instead, consider it the beginning of your new life.

Can I File For Bankruptcy?

If you have debts, i.e. you owe money that you really have no chance of paying off within a reasonable amount of time (about 5 years ish).  Then yes you can usually file for bankruptcy.

So if your income is not enough to pay off what you owe over a period of time, then  you can file for bankruptcy.  However, it really is important to try and get some help and advice about this.  For most, personal bankruptcy is usually straight forward even though it may not seem so at the time to you.

Filing for bankruptcy will change your life.  When you do so, it will be done in a federal court of law.  You can do it yourself, and be pro se, which is Latin and roughly translates to not having an attorney.  Of course you will save money doing it all yourself, and if you feel confident there is nothing stopping you.  However, you should be aware that bankruptcy law is complex and can at times be difficult to understand, which is why most people choose to hire a bankruptcy attorney.

For personal bankruptcy you will need to have been given some credit counseling for bankruptcy no more than 6 months before you submit your file.

If you do choose to hire an attorney, ask around for a recommendation.  If your company has a legal team, ask one of them if they can recommend a good attorney.  If you do not know anyone who can recommend someone, it is okay to search online.  You might want to check an online bankruptcy attorney out with the Better Business Bureau, just to make sure there are no complaints against him.  Usually, the first consultation you have with a lawyer will be free of charge.

How Long Will My Bankruptcy Take?

You are basically at the mercy of the courts, but a rough estimate is three months from time of filing to the bankruptcy discharge.  What will help speed it along is if you have all your financial paperwork in order as early as possible.  That includes tax returns, checking and savings account statements, credit card account numbers, and any retirement fund information.  The more information you have, the quicker your bankruptcy is likely to go.

The less complicated your bankruptcy is, the quicker it will be.  That means if you have a straight bankruptcy because of credit card debt, and have no savings or assets, you will probably be looking at a timeframe that is even less than three months.  Of course, it varies depending on the court cases that are listed ahead of you.  You will be informed of all this by your attorney or the court clerk.

How Often Can I File For Bankruptcy?

If you are asking this question then you most likely need to speak to a bankruptcy attorney and not rely on your own interpretation of information that you find.  Take advantage of a free consultation call with an attorney who specialises in bankrupty.  Most of them will offer you their services free of charge in advance, this is a great opportunity to get some qualified advice.

You can file for bankruptcy as often as you want HOWEVER it could be a complete waste of your time, unless your debts from your last bankruptcy have indeed been dishcharged.  This can be up to 8 years depending what state and country you live in.