Daily Archives: January 8, 2013

Bankruptcy Filed in 2005, Can I Re-file Bankruptcy?


Bankruptcy filings skyrocketed in the weeks and days  before the current bankruptcy laws took effect October 17, 2005.

The perception was it would be much more difficult to file AFTER the bankruptcy laws changed.

Well, it has not turned out the way that creditors hoped.  Of course, filings were down after the 2005 rush, but there were still over a million bankruptcy cases filed last year.

Under the old law, you could not file another Chapter 7 case for 6 years.  You may wonder why people would need to file again so soon, but, I have filed 3rd and 4th bankruptcies for some people.  It was not unusual for others to contact me about filing bankruptcy 5 or five and one-half years after a prior Chapter 7 bankruptcy case.

Credit was looser back in those days.  It takes two to go into debt, a borrower, and a willing lender.  Why banks were rushing to lend to people just out of bankruptcy beats me.

Well, not exactly.

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3 Responses to Bankruptcy Filed in 2005, Can I Re-file Bankruptcy?

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