Find out what you can expect once your myths about bankruptcy are put to rest by our dedicated and experienced legal professionals.
Bankruptcy can be a step toward rehabilitating your credit. A future lender will look at your debt/income ratio and your credit history in its credit decision. After bankruptcy, your debt/income ratio improves since your debts are cleared. Bankruptcy does have a negative effect on your credit history, but most people who are contemplating bankruptcy have a bad credit history anyway. There some definite steps you can take post-bankruptcy to begin to rehabilitate your credit. If you work at it, you can rehabilitate your credit post-bankruptcy to the point where you can qualify to make major purchases. You do not have to wait until the bankruptcy comes off your credit report by the lapse of time. We can discuss these steps during a consultation. Please call to set up a free consultation.
Most debtors keep most keep their household goods, vehicles, house, and retirement accounts. There are certain assets which must be surrendered upon the request of the trustee. There are certain steps in pre-bankruptcy planning that you can take to minimize the assets that you must surrender to the trustee. We can discuss this issues during a free consultation.
The law did change in 2005, and some debtors will not qualify for Chapter 7 and will have to file a Chapter 13 bankruptcy. However, many debtors still qualify for Chapter 7. We can discuss whether you qualify for Chapter 7 during a free consultation.
There is a credit counseling class that you must take before you file, and a financial management class that you must take after you file. Most people take the classes over the internet. The classes generally take 45-minutes to 1 hour. There are a number of class providers in the $15 to $25 price range; however, we can direct to certain providers in the $8 to $12 range. It is possible to take the classes over the phone, but the cost is slightly higher. We can discuss the details in a free consultation.
There is a 5 to 10 minute meeting with the trustee in a Chapter 7 bankruptcy. It is not a hearing in front of the bankruptcy judge. In most Chapter 7 bankruptcies, there is no hearing in front of a bankruptcy judge.
There are certain situations where a debtor can discharge back taxes in a Chapter 7 bankruptcy. Call for a free consultation.
In 99% of the cases, I can offer a flat fee. Please call for a free consultation.
It is very difficult to represent yourself in a bankruptcy. The longest meeting between a debtor and a trustee that I ever observed involved a debtor who was trying to represent himself. The trustee kept asking him “consistency” questions: why did you do this here and this over here? The debtor was unable to answer and obviously did not understand the schedules. He had to restate the entire filing and come to a second meeting with the trustee after he refiled. In addition, there are “traps” in the bankruptcy procedure that can lead to dismissal if you do not know the procedure. There are special disclosure rules in a bankruptcy that, if you violate, can lead to criminal liability. You should have an attorney if you want to file bankruptcy. Please call for a free consultation.
