How many times can someone file for bankruptcy? I filed a bankruptcy in 1993, can I file again?
Second bankruptcy
Posted on Wednesday, December 6, 2006
posted by Questions @ 10:24 am
1 Expert Comment:
At December 6, 2006 |
3:47 pm
, Barton Goth, GCO Inc. Bankruptcy Trustees Said...
There is no limit on the number of times one may file for bankruptcy. However, each successive bankruptcy becomes more difficult. Some things to be aware of, with multiple bankruptcies you are not eligible for an automatic discharge (so for a discharge to be granted a court application must be made and you will have to be in attendance). The court could very well impose some type of a penalty as a result of the repeat filing (this may be as simply as staying in bankruptcy for an additional 12 months or may even have a some type of monetary penalty that may be paid, it is really dependent on circumstance and ultimately up to the Registrar to decide). The other thing to be aware of is that the impact on your credit of filing a repeat bankruptcy is magnified, so you can expect to have an R9 listed with the credit bureau for a maximum of 14 years (as a result I often suggest it valuable to consider filing a consumer proposal).
For more information on what is involved with a repeat situation I suggest you contact a licensed trustee in your area.
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