While filing a bankruptcy case does get noted on your credit report it also stops your creditors from making new negative notations on your credit. A large portion of your credit score depends upon your payment history. With each passing month of missed payments, creditors will report this to credit bureaus and the same will negatively affect your score.
Yes, it is possible to retain assets despite filing for bankruptcy relief. The bankruptcy code affords you certain exemptions to shelter specific types of assets. For assets which cannot be exempted different chapters of the bankruptcy code can still allow you to retain your belongings and legal claims while obtaining bankruptcy relief.
The bankruptcy code requires that you appear for a Meeting of Creditors with the bankruptcy trustee. The trustee is different from the judge. These hearings typically last between 10 to 15 minutes and consist of questions that most debtors are able to answer with a yes/no response.
The bankruptcy process typically includes a discharge which removes your legal obligation to repay certain debts. The bankruptcy code also includes an “automatic stay” which allows you to stop collection activity such as creditor calls, wage garnishments, and bank levies.
We strive to make bankruptcy cases as affordable as possible. Our office happily accommodates payment plans and depending on the chapter of bankruptcy may even include certain fees in your bankruptcy plan. We also prepare motions to allow you to pay the court’s filing fee in installments.
There are several things we offer that many others don’t. First and foremost is our Free consultation. Now during COVID it is a virtual consultation or can also be conveniently filled out online. We also offer fee payment plans, speak Spanish, conduct virtual appointments,
possible discharge of tax liabilities in bankruptcy and can facilitate mortgage/loan modifications. What we’re most proud of is our client reviews posted on Google. You can read them here.
Bankruptcy is a complicated process that requires a certain expertise to navigate. There are significant risks involved when it comes to improperly filed bankruptcy petitions, some of which could result in you losing assets such as your home or vehicle. While you have a right to file a case on your own, you should strongly consider retaining an attorney to help you.