How often can I file for bankruptcy?

In Arkansas, you can file for bankruptcy up to every eight years. This means that after you file for bankruptcy, you must wait at least eight years until you are allowed to file for bankruptcy again. It is important to remember that you cannot simply file for bankruptcy whenever you find yourself in financial difficulty—there are other options to consider first, such as debt consolidation or a repayment plan. If, after exhausting other options, you decide that filing for bankruptcy is the right choice, you will likely be placed into one of two categories: Chapter 7 bankruptcy or Chapter 13 bankruptcy. Chapter 7 bankruptcy involves liquidation of your assets in order to clear your debts, while Chapter 13 bankruptcy reorganizes your debt so you are able to make payments and have a better chance of avoiding bankruptcy again in the future. No matter which type of bankruptcy you file, you should never attempt to file for bankruptcy more often than the eight-year limit in Arkansas. Doing so could put you at greater legal risk and could also have an effect on your credit score for a longer period of time. If you are considering filing for bankruptcy, it is always best to consult a financial advisor or a legal professional in order to understand your options thoroughly.

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How often can I file for bankruptcy?

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