How often can an individual file for bankruptcy?

An individual can file for bankruptcy every eight years for a Chapter 7 bankruptcy, but this typically means that after one filing, a person will not be eligible to file for another Chapter 7 for a certain period, specifically eight years from the date of the last filing. For Chapter 13 bankruptcy, which allows individuals to reorganize their debts, a person can file again after two years from the discharge of the previous Chapter 13 case.

This framework helps individuals gain a fresh start while also preventing abuse of the bankruptcy system. Therefore, the choice indicating seven years relates to the frequent context surrounding Chapter 13 filings, which is commonly discussed in educational or professional contexts about bankruptcy eligibility and timelines. The idea is that there are specific conditions and timelines under which a person must adhere, reinforcing responsible financial behavior.