What will happen to my credit score? What will life be like after I file bankruptcy?

No doubt about it, your credit will be negatively affected. However, if you are already months behind on your monthly payments, your credit has already been significantly impacted. And while bankruptcy filings remain on your credit report for up to 10 years, if you pay your bills in a timely fashion, you will repair your credit in a few years. Many creditors will resume lending you money because they are aware that once you file for chapter 7 bankruptcy for instance, you may not do so again for 8 years.

How does the bankruptcy process work? Is it true that filing for bankruptcy is a lot of work?

Generally, the entire process takes approximately three months before the case is completed. The first step is to contact the firm to set up an appointment for your initial consultation. As is the practice with any good bankruptcy firm, I will have you fill out a detailed client questionnaire which will provide me with the necessary information concerning your income, assets, and debts. In addition, I will ask you to provide certain key documents like pay stubs, tax returns, bank statements, copies of deeds and titles, etc. This information is required under the bankruptcy law in order for an attorney to proceed with the filing of a case. You will then be expected to attend a credit counseling course by phone or over the internet prior to filing your case. After your case has been filed,the court will call you to a “creditors meeting” during which time you will be asked certain questions by the trustee for which I will prepare you in advance. Finally, the court will require you to take one other financial education course which many people find is actually very helpful.

How do I know if bankruptcy is the right solution for me?

I offer a free initial consultation in which we will discuss your case in detail and will determine the best course of action. After discussing such things as your income, liabilities, and assets we will get a better sense for whether or not filing for bankruptcy is your best option and which chapter is best for your situation.