Below you will find answers to the more typical consumer bankruptcy questions.
Do I Need Bankruptcy?
Do you have credit card debt that you cannot pay?
Do you have medical bills that you cannot pay?
Has a creditor filed a lawsuit against you?
Is your credit report full of collection accounts, foreclosures, and repossessions?
Are you facing a foreclosure?
Did you personally guarantee business debts for a business that has failed?
Are you a real estate investor who needs to “walk away” due to poor market conditions?
Are you being held responsible for a lease or for someone you co-signed for?
If you answered yes to any of the above bankruptcy may be right for you.
What is Chapter 7 Bankruptcy?
What Kind of Debts can Chapter 7 Eliminate?
- Medical Bills
- Unsecured Loans
- Lines of Credit
- Foreclosure Deficiencies
- Repossession Deficiencies
- Most Judgments
- Some Taxes
Do I have to go to Court if I file bankruptcy?
What types of bankruptcy are there?
Do I lose everything if I file bankruptcy?
Where do I get a free copy of my credit report?
Are my creditors going to stop calling me if I file bankruptcy?
Do I have to list all of the people that I owe money to when I file for bankruptcy?
Is my spouse required to file bankruptcy if I file?
How long does the entire bankruptcy process take?
Who is the bankruptcy Trustee?
Can I get credit after my bankruptcy is completed?
Filing eliminates most, if not all of your debts, thereby reducing your debt-to-income ratio, potentially improving your ability to borrow money in the future. Some financial institutions actively solicit business from people who have filed. Lenders are in business to make money by lending you money and charging you interest. Lenders know that once you have filed, you will not be able to file again for a specific period of time (generally 4-8 years).
Many once bankrupt debtors purchase cars immediately upon receiving their discharge orders. Many lenders now have programs that provide for post-bankruptcy borrows to obtain home financing within a year or two after a discharge. Many of our clients even receive solicitations for unsecured credit cards almost immediately upon receiving their discharge. Pacific Bankruptcy just wants to advise you to be careful not to get back into the credit card “trap”.
Remember, each person’s situation is different. It is advisable to seek an experienced bankruptcy attorney about your specific situation. If you would like a free consultation to discuss your options, please call (617) 454 4906.