Ignorance is not bliss!
How much do you know about the new Bankruptcy Law? If you are like most Americans, you know pretty little! A recent survey by the American Bankers Association reveals that more than 50% of the people surveyed did know about the new law but not much else. They had no idea of what the legislation actually contained.
So, in this ignorant light, many myths have begun to be taken for the real thing. One of the most incredulous ones is that you can file for bankruptcy as many times as you want! If it were that easy, you would find people running up bills in the millions and then filing for bankruptcy every time the creditor knocked on their doors.
If you have filed Chapter 7 bankruptcy anytime recently, then for the next eight years, you will not be able to file again. In case of Chapter 13, if you’ve filed once, then you will not receive a discharge within two years of a previous Chapter 13 discharge.
If you enjoyed this article, please bookmark it at del.icio.us »
