Posted on
May 25, 2009
at
4:21 am
Is there a rule that says I can only file up to 2x? Life is unpredictable so I just want to see if it is possible for me to file another one in the future. What's the limit?
Posted on
May 25, 2009
at
4:29 am
There is technically no rule as to just how many times you can file bankruptcy. Only the government might get suspicious of you because it is becoming a pattern. The new bankruptcy law of 2005 involves consumer budgeting and counseling so they are expecting the consumer to learn something from them. The reason why the court approves of your bankruptcy petition is for you to have a fresh start at life and not to abuse the system. Anyway that was just a heads up. To answer your question:
For Chapter 7, there is a wait period of 8 years. For Chapter 13, the wait period is 2 years.In between Chapter 7 and 13, you have to wait for 4 years.
Posted on
May 27, 2009
at
2:01 am
hi, Notalamadam!I understand that you may be having a tough situation right now, and I'm sorry to hear that. But there are a lot of other debt relief options available. You may opt to consult a credit counselor, who can help you make a budgeting option. You can also consult a debt settlement firm. They're able to negotiate with your creditors to pay off your lump sum for a lesser amount ;)I think bankrutpcy should be your last resort in taking care of all your bills ;) hope this helps
Posted on
March 9, 2010
at
11:51 pm
If you're thinking of filing bankruptcy for the 2nd time, perhaps it's time youalso consider consulting with a financial adviser (credit counselor for your debt) - or a life coach (psychologist - for bad spending habits) to see if filing again can be prevented.
Posted on
March 10, 2010
at
12:36 am
How can credit counseling or debt settlement preventthe consumer from filing bankruptcy for the 2nd time?
Posted on
March 10, 2010
at
1:05 am
If the consumer doesn't need the automatic stay provision (not being sued,not being foreclosed, evicted, repo..etc) - and if the debtsare mostly unsecured anyway - it makes no sense to file bankruptcy - becauseeither credit counseling (Debt Management Plan) or debt settlement canaddress the debt via negotiation. Debt Management Plan deals with high interest rates(it will attempt to modify the payment terms so it'd be affordable).Debt settlement deals with the balance itself (it would attempt toreduce it to more or less half).
