BANKRUPTCY FAQS

HERE ARE SOME VALUABLE ANSWERS FOR YOU.

Is Bankruptcy the Right Tool for Me?
Are you behind with your mortgage payments or facing foreclosure? Paying the minimum on your credit cards? Getting hassled by bill collectors? Is your debt situation always on your mind? Are you having trouble sleeping? Is it realistic to expect that you’ll ever be able to get out of debt without help?

Be honest now – do these sound like the problems facing you? If so, you owe it to yourself to learn more about the one legal tool that was created to solve your problem – personal bankruptcy. Denying debt trouble or putting off action will only make things worse and cause you more pain. Chapter 7 or Chapter 13 bankruptcy could be your key to a brighter future. But you can only find out for sure if a bankruptcy plan is the right plan for you by meeting with a professional.

Will Filing for Bankruptcy Wreck My Credit?
A better question might be ‘how’s my credit now?’ Because if you’re struggling to make ends meet, living paycheck to paycheck, using credit cards to fill in the gaps and “robbing Peter to pay Paul,” you probably don’t have any credit left to wreck! The truth is, because filing for bankruptcy eliminates your debts, your credit "may actually improve" after bankruptcy. And while it’s also true that a bankruptcy stays in your credit file for 10 years, a bankruptcy will not prevent you from getting credit.
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Will I Lose Everything I Own if I File for Bankruptcy?
No! In fact, clients don’t lose anything when they file for
bankruptcy. Each state has a list of bankruptcy exemptions – items of value not considered part of the bankruptcy proceedings. In other words – items you get to keep. There are exemptions for real estate, vehicles, retirement plans, tools of the trade, personal possessions and many other things.
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What About Debt Consolidation, Settlement or Counseling? Shouldn’t I try those before filing for Bankruptcy?
Many of our clients have paid a high price to discover a basic truth about all the other popular debt relief solutions – they just don’t work. And in the case of debt settlement companies, their own industry data shows that debt settlement companies fail to settle 80% of the debts they take on. CLICK HERE TO READ EXCELLENT ARTICLE!

What separates bankruptcy from the other debt relief options?

Bankruptcy works!

Will my creditors really stop calling me?
You bet they will – or else! As soon as your attorney files your bankruptcy case, the court issues what’s know as an Automatic Stay – a court order that stops all collection action against you. Foreclosure, repossession and lawsuits must immediately stop. In fact, your creditors are no longer even allowed to contact you directly – they can only go through your attorney. Any violation of the automatic stay is taken very seriously by the court – and is punishable with substantial fines and damages.