Q. Will I lose everything if I file for personal bankruptcy?
A. Generally, you may file a bankruptcy and retain all of your personal belongings, including your house, your car, all household goods, and retirement accounts. You may be more at risk of losing property if you don’t file bankruptcy, as creditors can sue you and seize your bank accounts or property.
Q. When do I get relief from creditor harassment?
A. As soon as you contact Schorr Law Firm, meet with your attorney, and choose which chapter bankruptcy is best for your needs. No more credit card payments and no more harassment immediately upon retaining Schorr Law firm.
Q. Does my spouse have to file jointly with me?
A. If all or most of the debts are in your name only, your spouse may not have to file. In most cases, creditors cannot pursue a non-filing spouse unless he or she is legally a co-debtor on the debt.
Q. Who knows about my personal bankruptcy case?
A. The only parties that receive notice of the bankruptcy are your creditors, the bankruptcy court, and the IRS. It is a public filing so if someone or some entity knows how to search, the bankruptcy records can be located.
Q. Will I be able to rent after I file personal bankruptcy?
A. If you are presently renting a home or apartment, usually your present landlord will renew your lease without running an updated credit report and will have no knowledge that you even filed a bankruptcy.
Q. How do I know if I should file bankruptcy?
A. Has your job status changed? Laid off? Furloughed? Medical bills piling up? Can you no longer afford to pay your bills and feed your family or keep a roof over your head?
Are creditors calling and harassing you? Have you been sued? We will make the calls stop! If you are being sued, and you own a home, we hope you will contact Schorr Law Firm immediately about filing a bankruptcy. A bankruptcy will stop a lawsuit immediately and prevent your creditors from placing a lien on your home or attempting to seize your bank accounts, etc.
Do credit cards or medical bills have you so deep in debt that it is hard for you to put food on the table or save for the future? Are you only able to pay the minimum payment on the credit card bills from month to month? Contact us for a free consultation to discuss your options for debt relief so you can keep that money in your own pocket.
Q. Can I get credit after filing personal bankruptcy?
A. Bankruptcy may legally be reported to your credit report for up to 10 years, but you can begin to reestablish your credit immediately. Filing bankruptcy eliminates most, if not all, of your debts. Your debt-to-income ratio is reduced, potentially improving your ability to borrow money in the future. Some financial institutions actively solicit business from people who have filed. Lenders are in business to make money by lending you money and charging you interest. Lenders know that once you have been discharged by filing a Chapter 7, you will not be able to file again for several years. So yes, there is life after bankruptcy!!