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Filing bankruptcy will actually provide you a new opportunity for credit. By filing bankruptcy you are wiping your financial slate clean. If you are keeping any assets that have an installment payment, like a car, making timely payments will start generating a good credit history right after you file. Some creditors will actually send you credit card offers shortly after your discharge is entered.

You can file bankruptcy many times. There are, however, rules that limit how often you can file. You can only file Chapter 7 once every eight years. You can file Chapter 13 every two years. If you filed a Chapter 7 and want to file Chapter 13 you must wait six years. If you filed a Chapter 13 and want to file a Chapter 7 you must wait four years. If you filed a bankruptcy case that was dismissed, the above time restrictions do not apply.

You can discharge income taxes that are more than three years old. There are other requirements that must be met, but if you owe taxes, you filed the tax return and more than three years have passed, you can discharge the taxes. Certain taxes, such as sales tax and employer trust fund taxes, cannot be discharged.

Married people can file together or separately. In most cases spouses file together, but there may be occasions when separate filings are required or advantageous. There also may be occasions when only one spouse needs to file bankruptcy.

Bankruptcy is actually a way that you can eliminate stress in your family relationships. Financial problems cause anxiety and certainly can strain your relationships. If you file bankruptcy and discharge your debts, you eliminate the financial problems that are causing the stress.