Can I declare personal bankruptcy more than once?
If I can is there any changes I need to know about?
Multiple Bankruptcies?
Posted on Friday, July 18, 2008
posted by Questions @ 7:21 pm
1 Expert Comment:
At July 23, 2008 |
7:35 am
, Barton Goth GCO Bankruptcy Trustees Said...
There is no restriction on the number of times you can file for bankruptcy, but be advised the process becomes more difficult with each successive bankruptcy filed.
In terms of changes, these are some of the changes you can expect:
1. you will not be eligible for an automatic discharge;
2. an application will have to be made to court to request a discharge;
3. the court will likely impose some type of penalty that must be fulfilled prior to them granting you a discharge, this penalty can be either a monetary one or a suspension over time depending on the specifics of your situation;
4. you will have an R9 listed for 14 years with the credit buruea as a result of filing a second or third bankruptcy.
As you can see there are some significant differences when we are talking about multiple bankruptcies. For more information you should really consult directly with a licensed trustee.
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