2nd bankruptcy

[goingout]

Not me but DH. Most of the debt is in DH's name and is the result of DH's business. this would be his second bankruptcy. From what I can gather from what I've read and from being with him it seems like the ramifications of filing bankruptcy may not be all that bad, can still get loans, just at higher rates and so on.

But, what about a 2nd bankruptcy. How screwed would we be then?

[Minnymouth]

If they are personal loans or cc to support his business, then you may have a terrible time in the future getting loans, etc..... this being his 2nd BK.... I'm sure that they would really look at that.....

If they are business loans only..... then it may not affect you too much....

Maybe someone on the forum that has filed twice with a business involved can give you some input on this.......

Any suggestions folks?

[goingout]

I'm of the understanding that it really doesn't matter that much that they are business loans because they all had a personal guarantee. So, he's responsible. If they were strictly in the business's name, we could just walk away once the business was out of assets. I suppose we could state that the second bankruptcy was the result of a business venture, if we were to apply for a loan...but I don't know how much...maybe it would depend on the lender...anyone have any idea?

[JollyGG]

How long ago was his first BK?

[goingout]

I think it had been 7 years a couple of years ago. I think it was chap 13.

[JollyGG]

If it was Chapter 13 and if it was more than 7 years ago it will have very little effect. He will still take the normal credit score hit from the newest bankruptcy, but the old one should no longer be on his credit report. So most people will never know that this is his second one.