Will Bankruptcy Damage My Credit Rating?
Yes. Your bankruptcy will usually be on your credit for seven to ten years. Even with a bankruptcy, you can get and build credit.
Will Bankruptcy Affect My Job?
It shouldn’t. Employers are barred by federal law from firing you or discriminating against you. Most employers won’t even know.
Can I Keep My Home?
Almost always, the answer is YES! It is very unlikely that you will lose your home because you filed bankruptcy. However, unless you have more than $150,000 of equity in your home, you can protect the equity even if you file bankruptcy. You still have to pay for the home and remain current with your mortgage payments. Click here to read more.
Will I Lose My Personal Belongings?
Probably not. Only 6 percent of the bankruptcies will lose anything. Much of what you own will be exempt or not worth the hassle of selling to try and squeeze a few dollars.
Will I Ever Be Able to Purchase a Home?
Probably. You can be eligible about four years after your debts have been cleared up. Maybe even sooner.
Will My Spouse Have to File With Me?
Not necessarily. Arizona is a community property state, but your spouse doesn’t always have to file with you. Your attorney can help you figure it out.
Can I Keep Some Debts Off My Bankruptcy and Deal with Them Separately?
No. All your debts are listed in the bankruptcy. You can choose to repay any creditor after you file.
Can I Cancel My Bankruptcy If I Change My Mind?
Maybe. You can’t dismiss a Chapter 7 or a Chapter 13 converted to a Chapter 7, but you may dismiss a Chapter 13 that was never converted to a Chapter 7.
Is Filing Bankruptcy a Really Long Process?
No. Not at all. A Chapter 7 Bankruptcy can be filed within days. You will have a 341 Meeting within about 40 days of filing and everything should be done within about 4 months. A Chapter 13 Bankruptcy will have 3-5 years of a payment plan. The initial filing and approval doesn’t take very long.
Is it Expensive to File?
Bankruptcy filing comes in three parts.
- Attorney’s Fees (If you choose to work with an attorney) $1,200-5,000 depending on the complexity of the case. Average Chapter 7 cases will be $2,000-3,000
- Due Diligence Products $150-350. This includes can include pre-filing credit counseling, post-filing financial management course, 3 source individual credit report, automobile loan review, and post-discharge dispute of consumer liability reports.
- Filing Fee $299 for Chapter 7 and $274 for Chapter 13
We also provide payment options for our clients.
Will BARF (Bankruptcy Abuse Reform Fiasco) Make it Harder to File Bankruptcy?
Yes. Congress has created a few more hoops to jump through. Ultimately if you can’t pay your bills, you deserve a fresh start.