November 25th, 2008 by Questions
can a person declare bankruptcy more than once?
Posted from: British Columbia
One Response to “bankruptcy”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
November 26, 2008 at 7:57 am, A licensed trustee said:
Yes, you may file bankruptcy more than once, BUT each successive time it runs longer and you are subject to a higher degree of scrutiny by the Court. The first time you file everyone assumes that something went wrong with your life. The second time the Courts assumes you should have know better and prepared for the problem. The third time can be quite unpleasant and very long.
You should consider whether or not you have the ability to file a proposal to creditors instead of a second bankruptcy. It will cost you more in the long run, but it avoids the Court process. You’ll likely feel better about repaying part of the debt too.