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I have a question about Bankruptcies.
Q. I have a question, a cousin of mine is talking about personal bankruptcy and he wants to know if the 8 year waiting period between bankruptcies under the new law is only applicable following chapter 7 or 13 bankruptcies taken after the new law came into effect, and does the old 6 year limit still apply after bankruptcies discharged before the new law?
A. You must wait 8 years from the date of filing a Chapter 7 case until a new Chapter 7 can receive a discharge. You can file a Chapter 13 at any time (although, depending on the time between filings, there may be discharge issues).
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