Will I lose my car?
No, filing bankruptcy will not cause you to lose your car. The Bankruptcy Code allows you to claim exemptions to protect the equity in your car. The amount of equity is determined by taking the value of the car and subtracting the balance of any loan for the car. In my experience, 95% of the people I help have no issue fully protecting their car. In the rare case you cannot protect all of the equity in their car, a Chapter 13 Bankruptcy allows you to make payments over time to keep your vehicle. Please contact me so that I can review your situation and answer any questions you have about keeping your car.
Will I lose my house?
No, filing bankruptcy will not cause you to lose your house. The Bankruptcy Code allows you to claim an exemption to protect the equity in your home. The amount of equity is determined by taking the value of your house and subtracting the balance of any mortgages or home equity loans against the house. In my experience, 99% of the people I help have no issue fully protecting their home. In the rare case you cannot protect all of the equity in your home, a Chapter 13 Bankruptcy allows you to make payments over time to keep your home. Please contact me so that I can review your situation and answer any questions you have about keeping your house.
Will I be able to get credit after I file bankruptcy?
Yes, you can start re-establishing your credit as soon as your bankruptcy is discharged. I provide a free enrollment to all of my clients in a program offered by 720creditscore.com to help them rebuild and repair their credit. The program helps my clients take the steps to use their bankruptcy discharge to rapidly improve their credit score. My clients have used their improved credit to buy cars and houses within two years of receiving their bankruptcy discharge.
Do I have to go to Court?
You do not need to go Court, but you do need to participate in a hearing, known as a meeting of creditors. Bankruptcy hearings are currently being conducted by a secure telephone call, so you will not need to travel to participate in the hearing. I am also on the call with you. Prior to the hearing we will have a detailed conversation about how the hearing is conducted and the questions you will be asked.
How much debt do I need to have to file bankruptcy?
There is no specific amount established in the Bankruptcy Code for the amount of debt you must have to file a bankruptcy. However, if you only have a few bills totaling a few thousand dollars, and you can pay your daily expenses with no trouble, a bankruptcy probably does not make sense. If you are struggling with any of your bills, you should contact me for a free consultation. Even if a bankruptcy is not appropriate, I pride myself on making sure that you will have a better understanding of your financial situation after you speak with me.