QUESTION
What will happen if I file for bankruptcy for the second time in 14 years?
Asked on Oct 06th, 2014 on Bankruptcy - Michigan
More details to this question:
I filed chapter 7 bankruptcy 14 years ago and might be heading down that road again. Is the second time around any worse than the first or is the wait time to rebuild yourself about the same?
7 ANSWERS
Derek W. Freeman
You will still be able to rebuild your credit, if that's what you want. I have represented many people who have filed bankruptcy more than once, and they report being able to get credit. As for the bankruptcy process, there have been some changes to the bankruptcy code, such as the credit counseling requirement.
Answered on Oct 08th, 2014 at 4:21 PM
May be a little quicker to rebuild credit.
Answered on Oct 07th, 2014 at 12:56 PM
Most people have had no more difficulty the second time around. The new credit counseling requirement is intended to help people avoid making the same mistakes over again. That requirement is the biggest change from when you did it before.
Answered on Oct 07th, 2014 at 12:38 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
at
Ronald K. Nims
Update Your Profile
The wait time is about the same, however, there are some lenders that will never deal with you again.
Answered on Oct 07th, 2014 at 11:45 AM
Although there have been a number of changes to the bankruptcy laws during the past 14 years, the affect of a 2nd bankruptcy is virtually the same as it was 14 years ago.
Answered on Oct 07th, 2014 at 11:45 AM
Real Estate Attorney serving Florence, KY
at
Linda S. Novakov & Associates, PLLC
Update Your Profile
It is a fresh start - You have the ability to file after a prior discharge which occurred at least eight years ago. Building your credit history requires the same diligence each time.
Answered on Oct 07th, 2014 at 9:59 AM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
Update Your Profile
About the same but today, under the updated law, chances are you will be on a 5 yr court imposed budget/repayment plan.
Answered on Oct 07th, 2014 at 9:57 AM