Posted on June 10, 2009 at 10:36 pm i have a friend who filed for bankruptcy quite some time ago and she's thinking of doing so again. is it possible for her to do this? or is there a limit for filing bankruptcy? thaks for answering

Posted on June 11, 2009 at 12:33 am That actually will depend on which chapter of bankruptcy your friend will be filing for. Federal law allows an individual to file for Chapter 7 bankruptcy once every eight years, and a total of three times in your file. On the other hand, you can file for Chapter 13 as much as you want. Of course that would not be good on your end and on your financial status either.

Posted on June 11, 2009 at 12:42 am You can "file" as often as you want but it can't be approved or discharged as often as you've "filed."  So be mindful of the time frames:For Chapter 7s:  8 years in between For Chapter 13s: 2 years in between In between Chapters 7 and 13: 4 years In between Chapter 13 and 7: 6 years, that is if your plan is under 70% completed Start counting time from the date of filing to the date of filing - and not from the date of the first discharge to the date of the second filing.

Posted on June 11, 2009 at 12:48 am I wonder what your friend's financial situation is because instead of filing bankruptcy again, why not explore the non-bankruptcy alternatives like credit counseling and debt settlement. Why don't you invite your friend over to this forum to discuss her case with fellow consumers or have her fill out one of the forms so he/she can avail of the free consultation with the debt experts. It would be quite understandable if he/she does not want to disclose her story in the forums.

Posted on June 11, 2009 at 1:07 am I agree. I'm sure your friend is aware of the long term effects that bankruptcy has on her credit report. The notation will stay on her credit file for ten years. There may be a certain degree of difficulty in reference to reapplying for credit in the long run. She may also opt for debt relief options like debt settlement, credit counseling, or credit consolidation. What you can advise her to do is fill out a form on DestroyDebt.Com and she can be in touch with a qualified provider, too. . . The consultation will also be free, so there'll be no worries.

Posted on June 11, 2009 at 1:34 am well she says she's defaulted on her car payments, and that she owes around $15000 on furnituire cards. she lost her house the first time and a lot of other things. i want to help her out that's why i'm on this forum. can you guys tell us more about debt relief and all that whatnot?

Posted on June 11, 2009 at 2:01 am can you tell me why i shouldn't file for bankruptcy for the second time, either? I'm not one more time's friend, mind you. just a random stranger passing by

Posted on June 11, 2009 at 2:33 am One More Time: one advisable debt relief way for your friend is debt settlement. It's an ideal option for people who're having financial difficulties yet are receiving a steady income each month. It will allow her to pay off at least 30-60% of her entire debt balance. while some debt settlement firms may require their clients to pay off the lump sum, others allow the consumers to pay for smaller, regular payments in increments. Upon doing so, it takes around 24-48 months before the debt would be settled in full.

Posted on June 11, 2009 at 2:54 am Black Hole Sun, the obvious answer to your question would be this: that you have various debt relief options. I mentioned earlier that one way of managing debt is thru debt settlement. There are also other options like debt consolidation and credit counseling. Bankruptcy may effect your future finances. It's quite the troublesome item on your credit report, and it will remain on your record for up to ten years. Also, if you apply for credit after your bankruptcy has been discharged, you may stand a chance of having a higher percentage rate compared to other consumers who have not previously filed for bankruptcy. For example, if you were eligible for a credit card with a 14% rate prior to filing, the best card that you may obtain after bankruptcy would be 20% at best.

Posted on June 11, 2009 at 3:16 am There's no information on Bankruptcy chapter 11 here. Anyone care to answer that?