Expert: Terry Leeders - 4/30/2009

Question
Hello Terry,

I have made a Loan with a friend and they have defaulted.  This friend filed Bankruptcy about three to four years ago.
How long until they can file again?  I don't know if they did 7 or 13, It seems to be 7.  Are the laws different by state?  We are in IL.

Thanks you for your time.
Mike

Answer
If they filed chapter 7, they cannot file another 7 for 8 years from the date of the last ch7.  They can file chapter 13 though.  Exemptions vary by state (what can be protected) Case law is different, but the bankruptcy code is the same in every state.