How often can you declare bankruptcy?
341875
I think every 7 years
803577
I do believe you can file more than once considering Walt Disney filed for bankruptcy 5 times before Disneyland was financially successful.\n\nMost areas offer free debt counselling. They will provide all the answers you need.
81174
I'm not sure that there is a legal limit as to how many times a day creditors can call you, however, I used to work at Verizon. What I know is that they aren't "technically" allowed to call you before 9:00 a.m. or after 9:00 p.m. and supposedly not on Sundays. My experience with my Mortgage company has been totally different. They've called me on Sunday mornings before 9:00 a.m. before. If I'm one day late with my payment, they call me all day long. I've threatened reporting them, but they don't care. So now, I just answer my phone with my business name, and if I'm a little late with a payment, they think they have the wrong number. When they ask for me, I just tell them that "this is a business, and I don't know who 'she' is." That helps alot, trust me! I think if we all start reporting these people, they just might start adhering to the regulations. One other thing that is good to know, if your friend has a residential line, there is an 800# you can call to be put on the national "Do Not Call" list. Unfortunately, bill collectors have rights to call, but they aren't supposed to go outside of their boundaries to do so. Business line customers can't get on the list, however, because they are at an advantage to advertise any time they make a call, because of the caller-id feature.\n\nI don't know why the times showed up as *, but the the times are nine o'clock.
1087331
probably not. bankruptcy needs seasoning in order for you to be eligible to get another refinance or mortgage. if its within the past year then it's too soon.
766169
I don't think that filing bankruptcy changes the past -- you had the judgement and still do.  It's just been discharged via the courts.\n\nMost non-open items come off your credit report within seven years, but, realistically, keeping your nose clean for two years will immensely help your credit.
901660
applying for bankruptcy will ruin your credit. It stays on the report for 7-10 years. You will not be able to get credit cards, loans, a house, car, etc.\n\nCall care one credit specialists, they can help you find a solution so that you dont have to file bankruptcy > well at least thats what their commercial claims\n\ngood luck
596936
That is a question for a local attorney, bankruptcy law is state specific.  The state you reside in determines the answer combined with your personal circumstances.
382691
Yes. It takes 7 years for an account to fall off of your credit report, and it is 7 years from the last date of activity. So if you opened the account 5 years ago, but you paid on it last month, it won't fall off until 7 years after last month. Your best bet is to just keep paying as agreed. \n\nFiling bankruptcy won't help, either. They just changed the laws so it really wouldn't do you any good.
922268
There are loads and loads of penalties under bankruptcy law, both federal and state, as well as under various criminal code sections relating to bankruptcy.  There is, however a section under federal law (Title 18, Section 157) that is actually called "Bankruptcy Fraud."  Under this section, the maximum jail time is 5 years.  Here is the link to it:\n\nhttp://www.law.cornell.edu/uscode/html/uscode18/usc_sec_18_00000157----000-.html
14792
Chapter 7\n\nChapter 7 bankruptcy, sometimes call a straight bankruptcy is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. The debtor receives a discharge of all dischargeable debts usually within four months. In the vast majority of cases the debtor has no assets that he would lose so Chapter 7 will give that person a relatively quick "fresh start".\n\nOne of the main purposes of Bankruptcy Law is to give a person, who is hopelessly burdened with debt, a fresh start by wiping out his or her debts.\n\nChapter 13\n\nChapter 13 Bankruptcy is also known as a reorganization bankruptcy. Chapter13 bankruptcy is filed by individuals who want to pay off their debts over a period of three to five years. This type of bankruptcy appeals to individuals who have non-exempt property that they want to keep. It is also only an option for individuals who have predictable income and whose income is sufficient to pay their reasonable expenses with some amount left over to pay off their debts. More information on Chapter 13.\n\nNew Bankruptcy Law taking effect on October 17, 2005: The major intent of bankruptcy reform is to require people, who can afford to make some payments towards their debt, to make these payments, while still affording them the right to have the rest of their debt erased. These people MUST file Chapter 13. \n\nCredit Report\n\nBankruptcy filings are public records.  However, under normal circumstances, no one will know you went bankrupt. The Credit Bureaus will record your bankruptcy and it will remain on your credit record for 10 years.
904315
Let me start by saying I am not a lawyer or credit counselor so take my advice for what it's worth.\n\nA huge majority of people who file for bankruptcy list loss of job and divorce as a reason for filing.  So don't feel bad about being forced to file.\n\nBy your question, lets assume that you could somehow convince these creditors to accept a lesser amount, and you now only owe $15,000, with no additional late fees or interest.  Yeah, right...pretend you just woke up in the land of OZ, but we'll pretend anyway.\n\nIf all you could afford is $100 a month it's going to take over 12 years to pay off this debt.  Very rarely will any creditor accept a plan that takes move then 3-5 years.  They are NOT going to  wait longer then that to get paid, so it's not likely your plan will work.\n\nNext option is to examine the debts.  How many are beyond the statute of limitations?  Those debts can be ignored.  It's going to trash your credit history for a few years, but so will a bankruptcy.  That may lower your debts a bit, but I don't think it's going to help you enough.\n\nThe other problem you may have is your side business.  If you set it up as a sole propriety and not a separate company, the BK court may want to include those assets and income into the plan, and that could cause problems.  \n\nThe new bankruptcy laws will most likely not allow you to file for a chapter 7, based on your comment that you can afford $100 a month toward your debts.  \n\nYou may not have any other options but to file, but you really need to discuss this with an attorney first.
43474
I would say no. Filing bankruptcy should be an absolute last resort. It ruins your credit for a long time.\n\n$8,000 is really not that much money. Why can't you do something to earn extra money to pay it off? A second job? Babysitting? Something like that.
451573
I WORK FOR A STUDENT LOAN COMPANY IN TEXAS, AND IF A BORROWER IS UNABLE TO MAKE PAYMENTS THEY CAN TRY TO QUALIFY FOR A DEFERMENT OR A FORBEARANCE TO POSTPONE PAYMENTS UP TO 12 MONTHS AT A TIME.  HOWEVER IF THIS IS A PRIVATE LOAN, THERE MIGHT BE DIFFERENT STIPULATIONS.  YOUR BEST BET WOULD BE TO CONTACT WHOEVER IS SERVICING YOUR LOAN AND TRY TO MAKE PAYMENT ARRANGEMENTS.  IT WOULD NOT HELP YOU TO FILE FOR BANKRUPTCY BECAUSE STUDENT LOANS CANNOT BE DISCHARGED BY BANKRUPTCY, AND THE BANKRUPTCY STATUS WOULD STAY ON YOUR CREDIT REPORT FOR 7 YEARS.  I WOULD JUST GIVE THEM A CALL AND TRY TO WORK SOMETHING OUT, IF YOU DON'T YOU COULD DEFAULT, AND THEY WILL GARNISH YOUR WAGES AND TAKE YOUR INCOME TAX RETURN, AS WELL AS REPORT IT NEGATIVELY ON YOUR CREDIT.  GOOD LUCK
340115
The whole Chapter 7 bankruptcy process takes about four to six months, costs $200 in filing and administrative fees without an attorney, and commonly requires only one trip to the courthouse. \n\nTo file for bankruptcy, you fill out a two-page petition and several other forms. Then you file the petition and forms with the bankruptcy court in your area. Basically, the forms ask you to describe: \n\n \n\nyour property \nyour current income and its sources \nyour current monthly living expenses \nyour debts \nproperty you claim the law allows you to keep through the bankruptcy process (for example most states let you keep clothing, household furnishings, Social Security payments you haven't spent and other basic items) \nproperty you owned and money you spent during the previous two years, and \nproperty you sold or gave away during the previous two years. \nFiling for bankruptcy puts into effect something called the "automatic stay." The automatic stay immediately stops your creditors from trying to collect what you owe them. So, at least temporarily, creditors cannot legally grab (garnish) your wages, empty your bank account, go after your car, house or other property, or cut off your utility service or welfare benefits. \n\nUntil your bankruptcy case ends, your financial problems are in the hands of the bankruptcy court. It assumes legal control of the property you own (except your exempt property, which is yours to keep) and the debts you owe as of the date you file. Nothing can be sold or paid without the court's consent. You have control, however, with a few exceptions, of property and income you acquire after you file for bankruptcy. \n\nThe court exercises its control through a court-appointed person called a "bankruptcy trustee." The trustee is mostly interested in what you own and what property you claim as exempt. This is because the trustee's primary duty is to see that your creditors are paid as much as possible on what you owe them. And the more assets the trustee recovers for creditors, the more the trustee is paid. \n\nThe trustee goes through the papers you file and asks you questions at a short hearing, called the "creditors' meeting," which you must attend. This meeting is not likely to last more than five minutes. Creditors may attend, too, but rarely do. \n\nAfter this meeting, the trustee collects the property that can be taken from you (your nonexempt property) to be sold to pay your creditors. You can surrender the property to the trustee, pay the trustee its fair market value or, if the trustee agrees, swap some exempt property of equal value for the nonexempt property. If the property isn't worth very much or would be cumbersome for the trustee to sell, the trustee can "abandon" the property-which means that you get to keep it. Very few people actually lose property in bankruptcy. \n\nIf you've pledged property as collateral for a loan, the loan is called a secured debt. The most common examples of collateral are houses and motor vehicles. In most cases, you'll either have to surrender the collateral to the creditor or make arrangements to pay for it during or after bankruptcy. If a creditor has recorded a lien against your property, that debt is also secured. You may be able to wipe out the lien in bankruptcy. \n\nIf, after you file for bankruptcy, you change your mind, you can ask the court to dismiss your case. As a general rule, a court will dismiss a Chapter 7 bankruptcy case as long as the dismissal won't harm the creditors. Usually, you can file again if you want to, although you may have to wait 180 days. \n\nAt the end of the bankruptcy process, most of your debts are wiped out (discharged) by the court. You no longer legally owe your creditors. You can't file for Chapter 7 bankruptcy again for another six years from the date of your filing.
141824
In the state of Ohio, the limitation ranges from 6 years for oral agreements to 15 years for written (including Promissory Note). Note that "open accounts" which are credit card debts, have had some changes as a result of the recent Bankruptcy Reform Act\n\nThe following link will give you more information about the Statute of Limitations by State
1025631
YES YOU CAN DO IT!!. I work for a bankruptcy attorney. I myself even have gone through bankruptcy back in 2005. You send all three credit report agencies a copy of your discharge along with a copy of your creditor matrix. At that point they will remove those debts from your credit report. They will then send you an updated credit report. It may take a few times to get it all removed. However, your credit report will state that you had filed bankruptcy and it states that way up to 7 years.
867624
I wish Debt Guru would tone down his answers.  It's bad enough they are self serving, but they are very deceptive.\n\nOK, true.  A bankruptcy stays on your "public record" forever.  But most lenders don't look at your "public record" (which is actually the bankruptcy court records).  Most will look at your credit report, and the BK listing is removed after 10 years.  \n\nJust thought I'd point that out again.\n\nAnd debt settlement only works if the creditor agrees to work with these companies.  They are NOT required to do so, and in many cases these companies do more harm then good.  Most are fronts for lenders trying to sell consolidation loans!  Don't believe me, take a look at the FTC website at http://www.ftc.gov\n\nOK, so what's my opinion?  Can't give you one with such limited information.  \n\nFirst take a look at the link below, as it describes what the bankruptcy laws are going to do for you.  \n\nAsk yourself this question.....\n\nIf you were to sit down and create a very strict budget (no more Starbucks, no eating out, no movies...) and put all of your "disposable" income into paying off this debt, can you do it in 5 years?\n\nFor example, lets say after you have made your budget you can afford only $200 a month, and you owe $20,000 in debts.  In this case, assuming the creditors are nice enough to wave late fees and interest (yeah, right), it's going to take about 9 years.  In that time, your credit report is ruined due to all the late payment and collection notices.  \n\nIn reality, all of your creditors are NOT going to wait more then 2 years for their money. You will be hammered with lawsuits, collection agents, and still have bad credit for several years.\n\nOr....when you file for bankruptcy you will still be put on a very strict budget.  But your bills will be paid off completely in 3-5 years. In most cases you will only be paying back a portion of the debt.\n\nTrue, your credit is trashed for 10 years.  But at least you can start your life over without all the debt and harrassment that goes along with it.\n\nGood luck.  BK is a hard decision to make.