Excerpt from Chapter 10 – “Time Limits Between Bankruptcy Filings”

Bankruptcy – We Wrote the Book on It By Ronald C. Sykstus and the Bond and Botes Team of Lawyers

Excerpt from Chapter 10 – “Time Limits Between Bankruptcy Filings”:

Time Limits of BK
When Can I File Bankruptcy Again?
By Attorney Amy K. Tanner

Despite what most people think, considering the current economy,
bankruptcy filings are actually down nationwide. One would think
that with the high rate of foreclosures, job losses, sequestration, and
cutbacks that more people would have a need to file bankruptcy. It
seems that during an economic recession, Americans begin to feel so
down and out that even seeking much-needed bankruptcy assistance is
just too burdensome.

However, one factor in the declining number of bankruptcy filings
may stem back to the dramatic change in the bankruptcy law in 2005.
In the few months and weeks leading up to the October 15, 2005
effective date of the current bankruptcy law, many people flocked to
bankruptcy practitioners nationwide in fear that this new bankruptcy
law would make it harder or impossible to file after it took effect. One
of the notable changes in the new law set a time limitation of eight years
between consecutive Chapter 7 bankruptcy filings. The old law placed
a limit of only six years between consecutive Chapter 7 bankruptcy
filings.

Comments are closed.