How will filing bankruptcy effect my credit?   no comments

Posted at 6:01 pm in Bankruptcy FAQ

Bankruptcy will help improve your credit if it is already bad. Bankruptcy does not reduce your credit score as much as does being 90 days late on a payment. If you are deep in debt and struggling to pay, your income-to-debt ratio is probably so bad that no-one would extend you credit anyway.

If you are planning on buying a home, typically you won’t qualify for at least three years. You don’t have a realistic chance to qualify for a mortgage anyway when you have debt problems. If you already have a house and a car you probably don’t need big credit in the foreseeable future.

At at least you will have cleared up your debt and be on the road to a healthier, more affordable future, and will most likely improve your relationship with your significant other.

Since everyone’s situation is different, it makes sense to have an experienced lawyer review your options and guide you as to the best debt relief approach for you.

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Written by RobG on May 15th, 2017

Can I keep my credit cards if I file for Bankruptcy?   no comments

Posted at 1:13 pm in Bankruptcy FAQ

In most cases it makes sense to give up the card and wipe out the debt. There are better ways to rebuild your credit and maintain access to emergency credit. Your lawyer can explain how. If you have a credit card with a small balance, you may be able to keep it and continue to make the monthly payments.

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Written by RobG on November 13th, 2013

What is a Reaffirmation Agreement?   no comments

Posted at 1:11 pm in Bankruptcy FAQ

A reaffirmation agreement is an agreement you sign confirming that you wish to keep the asset, that you will continue to make the payments. The effect is that the subject debt will not be wiped out in your bankruptcy case. If you do not reaffirm, you will no longer be liable for the debt to the extent such debt is unsecured. Thus, if you need to, in the case of vehicles, a number of creditors are taking the position that if you do not reaffirm, they will repossess your car.

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Written by RobG on November 13th, 2013

Can I keep specific debts out of my bankruptcy?   no comments

Posted at 1:09 pm in Bankruptcy FAQ

You cannot pick and choose what to include in your bankruptcy. But don’t be confused. While you need to fully disclose all your assets, all your creditors, and other information required under the bankruptcy laws, that does not necessarily mean you won’t be able to keep them. In most Chapter 7 cases, there is no excess equity in the filer’s home and car and so keeping the car is usually not a problem. Married couples enjoy an additional very valuable exemption. However there are exceptions . Obviously, the amount of your equity and whether all your equity is protected, needs to be determined on a case-by-case basis. Your bankruptcy lawyer knows which questions to ask you and can explain to you how the law applies in your case.

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Written by RobG on November 13th, 2013

Can I keep my home or car if I file for bankruptcy?   no comments

Posted at 1:07 pm in Bankruptcy FAQ

As a general rule, provided you are current with your house and car payments, you can keep them even if you file bankruptcy, as long as you don’t have unprotected equity in such assets. Once you file for bankruptcy relief, all your assets vest in the bankruptcy estate. What you may keep depends on whether the asset is exempt from the claims of creditors. There are various adjustments and legal considerations that may come into play. Chapter 13 may be a sensible alternative to protect your home. Never assume anything. Consult with a bankruptcy attorney and never conclude on your own that you are not eligible for bankruptcy relief.

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Written by RobG on November 13th, 2013

What should I look for in a Bankruptcy Attorney?   no comments

Posted at 12:45 pm in Bankruptcy FAQ

Consulting with an experienced bankruptcy professional is the first step to determining what really needs to be done. Then, you will be able to make an informed decision and enjoy the benefit of being guided by someone who understands your needs and concerns. Ignorance may be bliss in certain instances, but in the case of bankruptcy, you may never know just how much the failure to act actually costs you.

A caring bankruptcy professional will not rush you into making a decision or pressure you to do something you are not comfortable with. Procrastination is your greatest enemy. Act now by scheduling a comprehensive planning meeting. Once you understand what needs to be done, you can proceed with Peace of Mind, knowing that your concerns will be addressed.

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Written by RobG on June 16th, 2010

What if I don’t disclose my Personal Injury Claim when filing for bankruptcy?   no comments

Posted at 12:41 pm in Bankruptcy FAQ

First, the court could deny you a discharge or your bankruptcy could be revoked. Second, you could be fined or even receive jail time for committing bankruptcy fraud. Third, under the rules of estoppel, if you don’t disclose your claim in your petition, you will be deemed to have waived it. So, in effect, your claim will be extinguished! Damages for pain and suffering enjoy a special exemption in bankruptcy. As you can see, making assumptions can be extremely costly. Find out what you need to know by investing in a comprehensive Rights and Options Consultation and give yourself the opportunity to make an informed decision!

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Written by RobG on June 16th, 2010

Are inheritances or lottery winnings protected in Bankruptcy?   no comments

Posted at 12:37 pm in Bankruptcy FAQ

An inheritance is not a protected asset. In fact, if you inherit anything in the 180 day period after filing your petition, that fact has to be reported to the bankruptcy trustee and your lawyer and the asset turned over to the bankruptcy estate, – subject to any exemptions you may be able to claim. The same rule applies to lottery or gambling winnings or any other windfall you may receive.

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Written by RobG on June 16th, 2010

If my wages are garnished, can I recover this money?   no comments

Posted at 12:34 pm in Bankruptcy FAQ

You cannot stop legal action until your petition is filed. If at least $600 was garnished within the 90 days prior to filing, all the garnished funds may be recovered, – if the issue is handled correctly.

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Written by RobG on June 16th, 2010

Is my tax refund exempt if I file for bankruptcy?   no comments

Posted at 10:59 pm in Bankruptcy FAQ

You are entitled to keep up to $12,000 worth of stuff, whether it is equity in your home, car, money in the bank, personal property, and so forth. Depending on the amount of your available exemptions, you can exempt all or a portion of your refund from the bankruptcy estate.

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Written by RobG on June 15th, 2010