simply put, your first bankruptcy will make it very hard to get any kind of loan\credit for the next few years. if you somehow manage to get credit again…and screw it up again and have to file bankrupt for a second time, lenders will 99.9% of the time put a gun in their mouth the moment they run your credit report. it is also impossible to go bankrupt in consecutive years, there is a wait time of quite a few years. the only credit you will be able to get for the rest of your life is a secured credit card and maybe JUST MAYBE they might change it to unsecured if your always on time with your payments
u file chapter 7 again after 8 years… you can file chapter 13 anytime again.
No. But you cannot file bankruptcy every year. And people will not lend to you after a while.
Well, it certainly would set a precedent for how you handle your finances.
You have to wait between filings. You cannot file year after year.
Anyone with more than one bankruptcy will probably never get credit again.
simply put, your first bankruptcy will make it very hard to get any kind of loan\credit for the next few years. if you somehow manage to get credit again…and screw it up again and have to file bankrupt for a second time, lenders will 99.9% of the time put a gun in their mouth the moment they run your credit report. it is also impossible to go bankrupt in consecutive years, there is a wait time of quite a few years. the only credit you will be able to get for the rest of your life is a secured credit card and maybe JUST MAYBE they might change it to unsecured if your always on time with your payments
It’s not really possible for someone to repeatedly file for Chapter 7. Once you file for Chapter 7, then you can file again for 8 more years.