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Misc.
Questions:
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What
happens to my credit when I file Bankruptcy? A Chapter 7 goes on your credit report for 10 years. A Chapter 13 goes on your credit report for 7 years. However, your "debt ratio" is reduced by all the debts that have been discharged. Further the Attorney can help you "clean up" your credit report so that all your extinguished debt is changed to a Zero balance. In many cases, a filing of a Bankruptcy (particularly if you chose a Chapter 13) will make you MORE desirable to lenders in a much shorter time then if you still had all those debts. Banks are much more interested in your current status then the past. Therefore, if you pay promptly AFTER filing Bankruptcy, more and more banks will be interested in loaning to you as you build up a new "track record" of few debts and paying on time. None of this happens automatically. "Cleaning up" your credit is complicated. This service is one of the benefits you get from coming to our office where the Attorneys are very experienced in Debt Collection and Credit matters as well as Bankruptcy Law. Back Can I be fired or denied employment because of Bankruptcy? No. Section 525 of the Bankruptcy Code specifically prohibit an employer from discriminating against anyone because they filed. However, you should be aware that if you do not file bankruptcy but allow your wages to be garnished more than one time, your employer is justified in firing you should they not wish to be burdened with the extra paperwork a wage garnishment requires them to do. Back Can I use a paralegal or typing service to file Bankruptcy? Any Bankruptcy Judge will tell you definitely NO. Judges have seen the horror stories that often accompany a bankruptcy filed by a non-attorney. Much of the preparation of the bankruptcy paperwork comes from insightful and probing questioning from a qualified Attorney who specialize in Bankruptcy Law only. Paralegals and other "bankruptcy petition preparers" are strictly prohibited form practicing law and, therefore, cannot give legal advice or ask the necessary questions to make sure you are completing your paperwork fully and completely. In fact it is expressly prohibited by law for someone to call themselves a paralegal unless they work under the direct supervision of an Attorney. Even if they were legally allowed to do so, they are not trained and experienced enough to adequately assess the laws surrounding exemptions and to determine what your best options are. You also may be assuming there is no problem with listing a particular asset, or reaffirming a particular debt, only to find out months or even years from now, that because you filed how you did, a mistake was made, and you still owe the debt or you may lose an asset or any number of other problems. Further, if you list things incorrectly in your petition, or omit necessary items, it is YOUR problem, not the paralegal's. Ultimately, the debtor may have to spend several thousand dollars to an attorney to ATTEMPT to fix the mistake, that could have been prevented or at least planned for in the beginning. Back All I need is some time to get things in order, can you "buy" me some time? Yes. When you file a Chapter 13 you are allowed to explain your plan to recover financially from a temporary situation and your plan to raise money in the future. As you can imagine, this is a complicated area and subject to many subjective rules. Your experienced Chapter 13 Attorney will be able to evaluate your particular situation and help you with your choices. Back When can I file again? If you chose to file a Chapter 13 you can file again WITHOUT any waiting period since your last bankruptcy filing. This is true whether you previously filed a Chapter 7 or a Chapter 13. However, you must wait 6 years before you can file Chapter 7 bankruptcy again. Back I have a co-signer and do not want them harassed, how can I make sure my cosigner is protected? Chapter 13 allows you to pay any co-signed debt through the Bankruptcy. Then the co-signer is ALSO protected by the "automatic stay". This means the creditor MUST leave your co-signer alone and may not contact him/her again. |
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WE CAN HELP!
If you're sick with worry over your mounting debts, the DEBT DOCTORS will prescribe a cure... Payment Plan available - $194 to start. Get a Fresh Healthy Start Today! |
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| The Debt Doctors Rodney M. Kleman, Attorney at Law Over 30 years experience |
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| Monterey 831-649-0200 400 Camino El Estero Monterey, CA 93940 |
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| ©2003 Rodney M. Kleman Law Offices | ||
