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I Thought Once You Filed Bankruptcy You Could Not Do That Again. – Anastacia

debt piling up and have went bankrupt 6 years ago

Cant pay car note anymore and have tried everything possible and you suggested bankruptcy but I thought once u go chapter 7 you cant file again. I was thinking about doin a voluntary repo on my vehicle is this a good idea when i have tried all option such as trade in and refinance any suggestions


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  • Hi nastacia,

    I nearly did the same thing about 8 years later but, at the time chose not to redo another BK – Now, I am in the situation where as I have not worked for 2 years and I want to do a bk7.  It has been about 15 years since completing the inital first one.  I say this to you – be encourgaged and the world has been bankruppted but, if you can not afford your bills, its alright to down size & reduce your stress levels.  Youa re not the only person

  • I went through similar 2 years ago while on unemployment compensation. I could no longer pay my car payment, though had struggled to not lose my car. I had no option for chs. 7 (had filed 6 years before) and could not do ch 13 (was not a wage earner), so I voluntarily turned my car over. It was one of the hardest things I did and I then had no car to go on job interviews, etc. Anyway, in your situation, I believe I’d recommend a free consult with an attorrney about filing ch 13 bankruptcy as you could keep your car this way and discharge the rest of the crushing debt eventually. Go check it out.

  • I beleive under the new laws for bankruptyc which started in 2006 (right after I filed) certain chapter bankruptcies can only be done once, but if you filed under the old laws I think that rule doesn’t apply.

  • Anastacia,

    Normally you would have to wait seven years after filing a Chapter 7 bankruptcy before filing another. Talk with an attorney if you are considering this.

    A voluntary repo isn’t really any different from a regular repo except that you saved the lender the work of finding an taking the car and limited the financial claim. They might treat you more kindly but odds are they will still auction the car, subtract that amount from what you owe and seek a judgment for the difference.

    Still, if there is no way you can make the payments and your only options are voluntary repo and involuntary repo, go with voluntary.

    By they way, the need to file for bankruptcy six years after filing is a pretty sure sign that you have serious money management issues. You should seek out a social worker and ask for a volunteer coach who can help you.

    Good Luck!   

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