What would prevent someone from declaring bankruptcy once every seven years until they died?

Answer 1

the courts would realize what you were doing and not relieve your debt. They have passed new laws and it is much harder to just clear your debt, now you are more likely to get it worked out under payment plans.

Answer 2

For one thing, it is now 8 years. That changed when the bankruptcy reform laws went into effect last year. It is much harder to file bankruptcy now with all the new requirements. I practice in Southern California and bankruptcy cases are now by nearly 90% or more.

Answer 3

You don't think that the courts don't keep records??

After the second bankruptcy, I would be curious to know who would extend you enough credit to go into a third bankruptcy.

Besides, they changed the law, so even if you claim bankruptcy, it doesn' t clear all of your debt. You still have to pay, just not as fast. So, it wouldn't even work.

Answer 4

It actually costs a lot of money to declare bankruptcy.

Answer 5

lol. this is silly ? The Courts would not allow it. And, once in bankrupcy, you can't get any credit for 7 years. And come that 8th year, it would still be hard to get credit. And the Courts would not allow it.