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| *Ostroff, Fair and Company>>>Personal Finance |
How often can you file chapter 7 bankruptcy? |
How often can you file chapter 7 bankruptcy? Every 7 years, BUT.....if you make more than the average family of your size in your state (and currently still have that job), you cannot file chapter 7 and will be forced to file chapter 13, which means you will have to pay back some of the debt you owe to the creditors. The amount depends on your disposable income at the end of each month (and this is calculated for you by your bankruptcy lawyer). This new law went into effect about 2 years ago, so it makes it really hard to come out of debt scot-free. Are you serious? I would hope once would be enough to learn how to deal with money. I think it is every 7 yrs, but I could be wrong. Buy the book 'Bankruptcy,' go to chapter 7, rip it out, and put it in a file folder. DUH! You can file every 7 years but there may be legal ramifications for doing it more than once. It could mean jail time for fraud. |
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