Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: TobagoJack who wrote (6608)	8/3/2001 11:48:35 PM
From: Ilaine	Read Replies (1) of 74559

Hi Jay- re: personal bankruptcy for Joe Six Pack - once a person has been discharged, they can't file for bankruptcy again under Chapter 7 for six years. So some creditors are willing to loan to them again immediately afterwards because they can't do it again for a while. Bankruptcy is easy, cheap, and relatively painless. That's why Congress has been working on revising the bankruptcy laws. My guess is that this current downturn isn't the most politically expedient time to do it. Better to do things like that during a boom. Corporations don't do Chapter 7, it's Chapter 11, reorganization. Most bankrupt corporations don't bother unless they can take advantage of the laws which allow them to reorganize. As a bankruptcy maven once told me, why drag the corpse around in the middle of the public square just to prove it's a corpse? I do a little bit of bankruptcy, but the guy whose room is next to mine does nothing but. He's one of the local gurus - a real big shot.

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