Fortunately, despite what many believe, the filing of a chapter 7 bankruptcy does not mean that you’ll never be able to borrow again. In time, you can rebuild your credit and FICO score, which will allow you to qualify for new loans.
If you’re about to file for bankruptcy, that doesn’t mean you can go out and max out all of your credit cards quickly and expect that debt to go away. Courts will look into your spending records during the proceedings.
If you are on the verge of losing your home, then a chapter 13 bankruptcy may be the answer. Under this type of filing, you are allowed to propose a repayment plan that allows you to catch up on your mortgage and stay in your home.
One of the benefits of bankruptcy is getting rid of your debts, as bankruptcy can eliminate your legal obligation to repay most of your debts.
Did you know that filing for Chapter 13 bankruptcy often requires you to obtain approval for a payment plan? Hiring a bankruptcy attorney can help you receive a payment plan that officials are likely to approve.
Did you know that a Chapter 11 bankruptcy is the one most used by corporations and companies? However, it can also be effective for individuals who want to maintain some control in their own debts management and settle with creditors over time. In some cases, the debtor may even be allowed to be a “debtor in possession,” allowing for more freedom in his or her case.
The most noticeable difference between Chapter 13 bankruptcy and Chapter 7 is that Chapter 13 creates a repayment plan to resolve outstanding debt. Chapter 7 requires paying off what can be paid, and then discharging the remaining debt.
You may need to file a chapter 13 bankruptcy if you have valuable property that’s not covered by an exemption, such as a home or car that you want to keep. This type of filing will allow you to make up these payments over time.
When you’ve never gone through a bankruptcy before, you may not realize that every bankruptcy filing can be a little different. Whether you need to stop a foreclosure or get out from under a mountain of unsecured debt, we’re always here to help you through the process.
Did you know that bankruptcy can remain on your credit record for up to ten years? Consulting with a bankruptcy attorney can help you determine whether you really need to file for bankruptcy or if you can pay your debts off another way.
Before filing for bankruptcy, you should always consult with a bankruptcy lawyer, as there are many factors to consider and critically important issues that need to be addressed prior to the filing.
The moment you file bankruptcy, you are protected by the bankruptcy court. A "stay" is issued as soon as your bankruptcy case is filed. The stay blocks all creditors from taking any collection actions, including phone calls and letters.
It’s important to remember that different types of bankruptcies involve different time frames. For instance, a Chapter 13 repayment plan could last anywhere from three to five years.
