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 a negative on your credit report. It may stay on your credit report for up to 10 years. Credit reports for those who file for Bankruptcy normally have lower scores at filing. Declaring bankruptcy allows individuals to improve their credit scores in that they are no longer liable for certain debts reported and such debts 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? Bankruptcy discharges your personal liability on unsecured debts. If you continue to make payments on your secured debts, such as your home mortgage, car loan, etc you will retain those assets by reaffirming the debt. Restructuring of secured debts/contracts is possible within Chapter 12, 13, or 11. Certain unsecured debts, such as student government loans and certain taxes, are not dischargeable 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 client’s assets and liabilities. Our legal fees are reviewed by the Bankruptcy Courts to ensure that they are fair and reasonable. We offer payment plans for clients as well.