False. Today’s bankruptcy laws permit any individual to file for bankruptcy.  You and your spouse can choose to file jointly, or only one spouse may file. 

False. Although bankruptcy laws were revised in 2005, it is entirely possible to file for bankruptcy more than one time. This also depends on the type of bankruptcy you’re filing and the amount of time that has passed after your prior bankruptcy discharge.  

For Chapter 7, you can receive a discharge once every 8 years, and in Chapter 13, you can receive a discharge every 2 years.

If you get discharged through Chapter 7, you have to wait 6 years before obtaining a discharge through Chapter 13.

If you obtain a Chapter 13 discharge, you must wait 4 years before getting a discharge through Chapter 7.

A large majority of Chapter 7 cases are no-asset cases. Meaning you, the debtor gives up no possessions. 1: You are allowed to carve out some basic exemptions that are necessary for day to day life.  Exemptions vary state to state. Your team at King Law Firm can go into greater depth of this topic when you meet.

Filing for Bankruptcy is a serious financial decision. But that doesn’t make it a bad idea. In most cases filing for bankruptcy is the best option.  Filing a Bankruptcy will lower your credit score but that is often outweighed by the relief of stress and being able to move forward with your life.