Do I Have To List All Of My Property When I File For Bankruptcy?

You are required to list everything that you own and everyone that you owe when filing bankruptcy.

I Am Married. Does My Spouse Have To File Bankruptcy Too?

There is no requirement that a spouse files bankruptcy with you. There are times when it’s advantageous, but that is something that is discussed with you at any meeting you have with your attorney.

Who Will Know About My Bankruptcy?

Generally, just your creditors, your attorney, and the people in the court system will know about your bankruptcy. However, it is a public record, if someone were to seek out that information.

Why Do People Choose To File A Chapter 7 Over A Chapter 13 Bankruptcy?

Chapter 7 is a complete bankruptcy that is done in about three to four months and they do not require monthly payments. Most people choose that route because it’s quicker and less expensive, and still discharges the majority of your debt.

Is Credit Counseling As Damaging As A Bankruptcy?

Credit counseling can have multiple effects, including potentially being more damaging than bankruptcy. When someone uses credit counseling to have their debts paid over a period of time, many of the credit counselors don’t actually pay the debt and instead, their fees are paid. It can be months of no payments to the creditors, which can negatively impact your credit each month. A bankruptcy first causes a hit on the credit score, but then you will see it start building. Typically, bankruptcy is going to have less of an impact on your credit score than credit counseling.

What Is The Best Way To Start Rebuilding My Credit After A Bankruptcy?

The best way to reestablish credit after bankruptcy is to continue to pay in a timely manner on what you kept, such as a mortgage payment or a car payment. If you have those debts and you make payments when they are due, your credit score will rebuild very fast.

Can We Refinance A Mortgage In A Chapter 13 Bankruptcy?

Refinancing of a mortgage is available in Chapter 13. Oftentimes, it is done towards the end of Chapter 13 and it coincides with finishing a Chapter 13 through paying it off, but there are lenders available while in a Chapter 13 who will refinance you.

If I File A Bankruptcy, Will I Ever Be Able To Buy A House Or A Car?

I have clients who buy a car the day after they file a bankruptcy. I see that happen every month. As for a house, most lenders want to wait two years because most creditors will charge a higher interest rate for the first two years, even though you may qualify. Oftentimes, it’s better to wait until you are able to get that better interest rate. The filing of a bankruptcy will usually help you to be able to get a car or a house if you are currently unable to do so because it cleans up your credit and your debt to income ratio.

How Will A Bankruptcy Affect My Credit Score?

As soon as you file the bankruptcy, it will cause your credit score to drop. Then, the credit score will start to go back up because creditors will be looking at the fact that you got rid of the debt. Your debt to income ratio is going to be much better and then, if you are paying on something like a car or a house, your score will continue to go up every month. The myth that it is going to negatively impact your credit for a long time is completely false.

Do I Have To Take Any Courses To Complete My Bankruptcy?

There are two courses that are required, in order to be able to file bankruptcy. You have to take a credit counseling course. It’s available online and it’s very reasonably priced. Then, once your case is filed, you are required to take part two, which is debtor education. As far as documentation, it’s basic documentation that’s needed, such as pay stubs, tax returns, and a copy of your car title, for example. It’s usually not time consuming to be able to gather everything necessary to file for bankruptcy.

For more information on CListing All Your Assets In a Bankruptcy, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling Eric A. Stamps, Attorney at law, Stamps & Stamps Law Offices at (937) 247-6447 today.