February 12th, 2006 by Questions
how many times can a person go bankrupt?
February 13, 2006 at 9:00 am, Barton Goth, GCO Inc. Bankruptcy Trustees said:
There is no limit to the number of times you file a bankruptcy, but each subsequent bankruptcy is more difficult to complete and has a greater impact on your credit rating (2nd time bankruptcy is listed as an R9 for 14 years). Often to avoid this severe result, it worthwhile considering a consumer proposal as it has a significantly less severe impact on your credit rating (R7 for 3 years).
For more information on which direction to proceed contact a licensed trustee in your area and he will be able to outline the pros and cons of both directions.
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