Misconception #1  –  I can file for Bankrupcty as many times as I want.

False.   There are restrictions on the number of times a person can file for bankruptcy protection under the Bankruptcy Code (11 U.S.C. Sec. 101 – 1532).   If a person filed for Chapter 7 protection, that person cannot file for Chapter 7 protection again within 8 years of the initial filing date.  If a person filed for Chapter 13 protection, that person cannot file for Chapter 13 protection again within 3 years of the initial filing date and he/she cannot file for Chapter 7 protection within 4 years of the filing date.