Getting to such financial dire straits that you even have to consider bankruptcy is bad enough. Undergoing to process of filing for bankruptcy can also be stressful, given the affect on your long term credit and the shame associated. But what about declaring bankruptcy twice? Is it just twice as bad or is it entirely impossible?
Bankruptcy is a fresh start in financial terms. Your slate is wiped clean and you get to start again. It will, however, affect your long term credit prospects.
What is often the case when people come to file for bankruptcy is that they have developed poor spending habits, have been living outside of their means and been particularly reckless with credit cards and so on. As a society, we have a tendency to abuse credit.
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