Whether you have lost your main source of income, suffered injuries or illnesses that are preventing you from working, or accrued an enormous amount of debt that you realistically cannot afford, filing bankruptcy could be an option to regain back control of your finances. Unfortunately, the bankruptcy process is a legal one, which is not only serious, but also overwhelming without proper understanding. If you are filing bankruptcy, here are a few mistakes you must avoid.

If you've already declared bankruptcy before, you probably already know that there's a cooling off period before you can declare bankruptcy again. But is there a special process? Will it be more difficult? Here's what you need to know. You Need to Wait 8 Years After a Chapter 7 Bankruptcy The cooling off period after a Chapter 7 bankruptcy is 8 years. However, if you declared a Chapter 13 bankruptcy instead.