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If you've declared bankruptcy previously and are considering filing again, the good news is there's no limit on the number of times you can file for bankruptcy.
How often can I file chapter 7 bankruptcy? If your debts have been discharged in a Chapter 7 bankruptcy within the past eight years or in a Chapter 13 bankruptcy within the past six years, you cannot file Chapter 7.
Miss just one and your case may be dismissed. The good news is that if you ? or the attorney you hire ? gets the paperwork right and the case moves through the court to the point where debt discharge is determined, the U.S. Bankruptcy Courts says that 99% of Chapter 7 cases succeed.
During a Chapter 7 bankruptcy, a court wipes away your qualifying debts. Unfortunately, your credit will also take a major hit. If you've gone through a Chapter 7 bankruptcy, you'll need to wait at least 4 years after a court discharges or dismisses your bankruptcy to qualify for a conventional loan.
The court cannot take most property that ordinary individuals have. Oklahoma law exempts your home, your car, your clothing, your household items and various other items. There are limits on the value of the property that you can keep, but they are well above what most individuals have.