- BankruptcyIf you are considering filing bankruptcy your credit is probably already not the greatest. Filing bankruptcy can actually improve your credit because you get discharged of your old debt, that detracts from your dispossable monthy income, and frees up more of your future income to take on new debt. Also, since you cannot file another Chapter 7 bankruptcy for 8 years, the lenders consider you "ripe for the picking." Most of our clients are surprised at how many credit card offers they get in the mail approximately two months after their discharge. And, if you successfully complete a Chapter 13 bankruptcy, you show to potential creditors that you have learned how to live within a budget.
- ForeclosurePeople seldom lose their homes in bankruptcy. It all depends on how much equity you have in the property and the type of bankruptcy you file. In fact filing a bankruptcy can actually help you to not lose your home to foreclosure. Contact us and we can quickly analyze your financial situation and give you options. You will need to know the fair market value of the house and the amount you owe on any and all mortgages.
- Debt Collection-Once the process of bankruptcy begins, creditors can no longer harass you. The court automatically issues a "stay," which means that all attempts at debt collection must cease at once.
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