Frequently Asked Questions
What is bankruptcy?
Bankruptcy is a legal procedure that allows people or businesses to have their debts either discharged entirely or to have a repayment plan structured so they can have lower payments and still pay back the debts over an extended period of time. Bankruptcy is not a monetary death sentence, we've seen it all, and we can help.
Will bankruptcy harm my credit?
If you decide to file bankruptcy, know that your credit isn’t lost forever. Bankruptcy can stay on your credit for 10 years, however the impact significantly lessens over time. When you work with one of our experienced attorneys, we can guide you in the right direction for building your new credit score. There is life after bankruptcy, let us show you.
What's the difference between secured and unsecured debt?
Secured debt is debt that you’ve accumulated by entering into a legally binding agreement with a creditor, such as your automobile. The loan for your car is secured by the value of the car itself. Creditors can generally take the property back or use it to repay the debt you owe to them, even in bankruptcy. An example of unsecured debt is your credit card, since it isn’t tied to any type of property. This type of debt cannot be reclaimed by the creditor. A bankruptcy discharges this type of debt.
Which Bankruptcy type should I file?
Individuals can file either Chapter 7 or Chapter 13 bankruptcy, depending on personal circumstances and ability to repay all or part of your debts. We'll advise you as to the better one for your circumstances.
Can I change from one chapter of bankruptcy to another?
Yes, one time only. Watch out for pitfalls, though. For instance, if you move from Chapter 13 to a Chapter 7, some of your possessions may be lost even though they were protected under Chapter 13.
How can I stop creditor harassment?
If life has brought you here, there's a good chance you know of the persistence of debt collectors. However, you have the power to silence them, we'll help you find your autonomy and make it illegal for creditors to contact you.
Who can file bankruptcy?
With few exceptions, any person or business owing money to a creditor can file bankruptcy.