Bankruptcy

Letter to “Ask Leon”

I filed bankruptcy when my husband left in 2001. My income has dropped and I’m having financial trouble again. I’ve contacted NFCC and, after looking at my finances, they could only recommend filing bankruptcy again. Isn’t it too soon? Also, because my father is elderly, my 4 siblings and I have formed a LLC so we could manage property he has given us. Would that affect my eligibility for bankruptcy?

Leon Says…

I’m sorry to hear that you are having problems again. Is the LLC owned by your father, or is it owned by you and the other siblings? If you are an owner of the LLC, what is the value of your share?

You can’t file another Chapter 7 until eight years from the date that your last case was filed, but you might be able to file Chapter 13 and restructure your debts based on something that you can afford.