General Bankruptcy Questions Answered
Filing for bankruptcy is a way to start over with a clean slate. It relieves the tension and anxiety that comes with creditors calling, debt building and provides a solution to a financial mess. It is important to realize bankruptcy has many intricacies and sometimes it is hard to distinguish where to start. Here are some common concerns to consider before proceeding forth.
Does Bankruptcy Take a Toll on My Credit?
Your credit will take a hit with any filing for bankruptcy. However, your personal financial recovery plan should include gradually developing credit after the bankruptcy is completed. The timing of when this occurs depends on what type of bankruptcy you are filing. With Chapter 7, bankruptcy remains on your credit history record for 10 years. With Chapter 13, bankruptcy stays on your credit history record for 7 years. You need to check with a professional bankruptcy attorney to determine which one is more suitable to your situation and needs.
Will I Lose My Job?
No, you shall not lose your job after filing Bankruptcy. It is illegal for employers to discriminate against you for filing bankruptcy. Furthermore, unless an employer specifically searches for bankruptcy filings, then your employer (or potential employer) shall not find out. This is an instant relief for some who wish to keep the negative financial situation private.
What Happens to Student Loans?
In most cases, student loan debt is not dischargeable in bankruptcy court meaning you will have to repay them. There is an exception to this statute. For you are able to discharge the student loan if by paying, it you would be considered an ?undue hardship? on the borrower. Nevertheless, do not get your hopes up. It is extremely challenging to prove and bankruptcy courts are the ones who have the final say.
Will I Lose My Car?
Depending on what state you live in, there may be an automobile exemption rule allowing you to keep the vehicle. On average, the ability to keep or lose a car is determined by how much the car is worth in comparison to how much you owe on it. You need to ask a professional. For a Chapter 7 filing may cause the court appointed bankruptcy trustee to liquidate it.
What about My House?
Under bankruptcy, law, your house has a separate set of rules. For under Chapter 13 bankruptcy, your house will be preserved and the courts shall let you live in it throughout the entire process. It is vital to check with a professional before filing for any bankruptcy ensuring you have a greater understanding of what is possible under what type of filing, and which filing you shall benefit from the most.
Bankruptcy is a tricky situation. There are many stipulations that are standard across the nation, but it is essential to note that there are also legal rules varied by state. Find someone in your own area who is able to answer your questions accurately. Ask for references. Hire an experienced professional who has ample knowledge about bankruptcy proceedings and is able to guide you throughout the entire procedure is completed.
To find out more about Arizona bankruptcy law reach an Arizona bankruptcy attorney, Scottsdale bankruptcy attorney or a Phoenix bankruptcy attorney today.
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