If you file for bankruptcy once already, can you file a second time?
A member of my family has been careless and wasteful with his finances and is now, for the second time, finding himself in over 100,000$ worth of debt, unable to find a job, and has ruined his reputation in his field all over the city/state.
Can he file for bankruptcy again, or can you only do that once?
Will he end up in prison if he can’t pay his debt?
Under the current bankruptcy laws which went into effect October 17, 2005 a person may file under chapter 7 after eight years from the file date of the last chapter 7. However, a person may file under chapter 13 four years from the file date of the last chapter 7 and still receive a discharge. There are no debtor’s prisons.
September 3rd, 2010 at 2:42 pmYes he can but it depends on when the last one was discharged. He needs to talk to a lawyer
September 3rd, 2010 at 2:42 pmDepending on the type of bankruptcy once every 7-10 years. They allow you to screw over your creditors only so many times and only so often.
September 3rd, 2010 at 2:42 pm7 years after the discharge date
September 3rd, 2010 at 2:42 pmTrump casinos filed for bankruptcy three times
September 3rd, 2010 at 2:42 pm