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Multiple Bankruptcies

Have three previous bankruptcies on my credit file. 1st one was filed in government when I was 18. I went to see a trustee and was in debt for $4,000. Signed the papers but then never went back. This trustee stopped practicing and his files were sent to another trustee who filed by paperwork. A few years passed and I went bankrupt and was told by the new trustee that any bad debt from before would be included in this new claim. I thought I was going bankrupt for a first time and was then told it was my 2nd. Both of these occurred in the late 80`s and were less than $4k each. In 1995 my marriage ended and I was forced to claim bankrupty again this time for well over $100k. It was discharged and I have worked very hard to maintain a perfect credit rating ever since. I have since lost my job this past February and am starting to worry. I have over $100k in debt (which is all up to date) plus a mortgage of $160k and a leased vehicle. The last thing I want to do is go through this again but if I don`t find a job soon I may not have a choice – any advice or suggestions cause my fear is doing this again for what would be a fourth time and I doubt this would ever be discharged.

Posted from: Ontario

One Response to “Multiple Bankruptcies”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Often when we are dealing with people who have a history of multiple bankruptcy we suggest the filing of a consumer or Division I proposal as opposed to filing another bankruptcy. You are right if you file a 4th bankruptcy you are not liklley to be discharged, as well the impact on your credit would be severe. So a proposal is an excellent way to avoid some of this difficulties that would be accompany a 4th proposal.