This is where you will find some of the most common questions that clients ask when contacting us. Please review these FAQ’s and let us know if we can be of any help with your current situation. What are the signs you are in financial distress? Creditor calls day and night, calling your job Behind on mortgage/car payments Paying minimum payment on credit cards and not making a dent in balances Borrowing money from family member just to meet basic living expenses What to expect in consultation? Meet with an attorney to discuss your situation Determine if bankruptcy is the right choice for you Determine the best chapter to pursue Payment plans are available How will bankruptcy affect my credit? Any Bankruptcy is always a bad mark on your credit report, and it will stay on your credit report for up to 7 to 10 years. Credit reports for persons who file for Bankruptcy usually always already have a bad credit score anyway so this is not the end of the world. Declaring Bankruptcy can sometimes improve the individuals credit report since they are no longer legally liable for the debts on record since the have been discharged. Will it ever be possible to buy a house or get a car loan after I file bankruptcy? Yes you will be eligible for most FHA loans and VA loans, Conventional Mortgages as soon as two to five years after your debts have been discharged. As far as car loans – some car lenders will finance a car for you immediately after your debts are discharged. Chapter 13 bankruptcy often even allows loan approval during your chosen plan if the Trustee approves. Qualification for these loans is not guaranteed and you will probably be charged higher interest rates than a person with good credit until your credit score improves. Once you complete a Bankruptcy plan and stay on a good path the rebuilding process to a good credit score and a fresh financial start will be within reach. Will I be able to get credit after bankruptcy? In short – Yes. Most people find that shortly after filing Bankruptcy they receive many credit card offers in which will help you rebuild your credit rating if used properly and responsibly. Will Bankruptcy discharge ALL of my debts? Most likely it will not. Bankruptcy discharges your personal liability on only unsecured debts. If you do successfully make payments on your secured debts, such as your house mortgage, car loan, etc the creditors has the right to repossess it’s collateral/property. Restructuring of secured debts/contracts are possible within Chapter 13 or the past-due payments paid back through your Chapter 13 plan. Also, not ALL unsecured debts are dis-chargeable in Bankruptcy. How quickly can I file bankruptcy? Most Bankruptcy Attorneys will state “the same day you first meet with us”. This might not be the best for your situation. When we visit with our clients in the free consultation we offer, we will review the clients specific problems and decide what best suits their situation. How much will it cost? The cost will largely depend on the clients individual situation but our legal fees are regulated by the Bankruptcy Courts to ensure that they are fair and reasonable. We offer payment plans for clients as well. How can I pay for my bankruptcy? Low monthly installment plans are available to clients. Payments will be discussed and customized to each of our clients during the free consultation.