Tweet If you carefully work to rebuild your credit after your Chapter 7, Chapter 11 or Chapter 13 bankruptcy, you could qualify for almost-normal rates, even a mortgage, in a year after your discharge from your bankruptcy! More…
How long will a bankruptcy stay on my credit report?
Tweet Usually 7 to 10 years, but bad credit stays on too. With bankruptcy you have wiped your slate clean and get to start again. With bad credit you have to wait for it to drop off your credit report. …
How does bankruptcy affect my credit?
Tweet It hurts your credit, but if you are at the point of considering bankruptcy, chances are your credit is already affected. Bankruptcy allows you to start to rebuild your credit. We have found that most of our client credit …
Will filing for bankruptcy stop the creditors from calling and harassing me?
Tweet Yes. When your bankruptcy is filed the “automatic stay” goes into effect. This stay prohibits creditors from trying to contact you to collect on debts. Think of it as all your creditors and debts going into limbo. More…
Do I have to list all the accounts I owe, in my bankruptcy filing, or can I keep some?
Tweet By law, you must include all the debts you owe in your bankruptcy petition and schedules but you can reaffirm on some if you wish. Usually clients reaffirm on cars and houses, rarely on credit cards. We have found …
Will I lose my house or car when I file bankruptcy?
Tweet In a Chapter 7 as long as you are current in your house and car payments they will not take those items. In a Chapter 13 the arrearages (the amount you are behind) is calculated into the plan payment …
How long does the bankruptcy process take before debts are discharged?
Tweet In an uncomplicated, non asset Chapter 7 bankruptcy proceeding debts can be discharged in a little as 3-4 months from your date of filing. Chapter 13 bankruptcies involve repayment plans that can run from three to five years before …
Will filing for bankruptcy allow me to modify my child support payments?
Tweet Possibly. You might be eligible for a modification of support if your income has drastically changed due to layoff or illness, etc.
Is child support dischargeable in bankruptcy?
Tweet No. You cannot avoid your child support obligation by filing bankruptcy. Also, any debts resulting from ‘in the nature of support’, ie debts resulting from care of the child, including medical bills, are also ineligible for discharge.
Will bankruptcy stop my foreclosure?
Tweet Facing foreclosure is one of the most heart wrenching events that a homeowner will face in their lifetime. Just the idea of losing the very home that has a lifetime of memories contained in its walls is enough to …