Category : Bankruptcy

You have questions, we have answers: How many credit cards should I carry?

Once you succeed in getting a credit card, you might be hungry to apply for many more cards. Not so fast! Having too much credit may have contributed to your debt problems in the first place. Ideally, you should carry one or two credit cards. Banks want to see that you can handle more than […]

You have questions, we have answers: Will I ever be able to get credit again?

Certainly! Many people are actually able to obtain credit while their bankruptcy is still pending. If you handle new credit wisely, you can begin to improve your credit score almost immediately.

You have questions, we have answers: What’s the first step in rebuilding credit? (Hint: You need a plan!)

To avoid getting into financial problems in the future, you must understand your flow of income and expenses. Some people call this making a budget. Others find the term budget too restrictive and use the term spending plan. Whatever you call it, spend at least two months writing down every expenditure. At each month’s end, […]

You have questions, we have answers: If I file for bankruptcy, what happens to my credit score?

There is no doubt – your credit score will go down as a result of a bankruptcy filing, but a credit score is only one component lenders use in determining your credit worthiness. Remember, lenders will also look at your income and your debt burden. If you have missed payments, have accounts in collections, have […]

You have questions, we have answers: If I file bankruptcy, won’t my credit be messed up for 10 years?

If you file for bankruptcy protection and relief, the case information is allowed to remain on your credit report for up to 10 years – but this is often times not the case. Something important to consider when filing bankruptcy is the immediate fresh start you receive from a bankruptcy discharge which allows you to […]

You have questions, we have answers: What about the companies I see on TV that say they will wipe out my debts without bankruptcy?

There are many unfounded claims being made by agencies that do not have the right to practice law. The Federal Trade Commission recently warned of these “credit repair” scams. The truth is, these companies depend on your creditors voluntarily agreeing to reduce your debt in exchange for a lump sum payment. Unlike legal debt relief, […]

You have questions, we have answers: What kinds of debt can I NOT eliminate in bankruptcy?

In most cases you cannot eliminate student loans, certain tax debts, secured debts (such as mortgages or car loans) for personal and real property that you plan on keeping, or court ordered domestic support payments. You also cannot eliminate some debts which were incurred within 60 to 90 days prior to the date of filing […]

You have questions, we have answers: If I file for Chapter 13 bankruptcy relief, will I have to make monthly payments to every creditor?

You have questions, we have answers: If I file for Chapter 13 bankruptcy relief, will I have to make monthly payments to every creditor? No! This is why: Chapter 13 bankruptcy is NOT a debt consolidation. We will determine your payment based on what you can afford to pay on a monthly basis. You will […]

You have questions, we have answers: If I filed bankruptcy previously, can I file again?

Yes, but how long you have to wait to re-file depends on the type of bankruptcy that you initially filed, if you received a discharge, and the type of bankruptcy you now wish to file. The re-filing time periods vary from two years to eight years. We can help you navigate the best time to […]

You have questions, we have answers: I am married, do both of us have to file bankruptcy?

No, you can absolutely file individually! Whether you should or not depends on who is legally liable on the debts that you have: ~ If you have individual debts, then filing individually may make the most sense for your family. ~ If you have joint debts with your spouse, it may not be a good […]