Bankruptcy Frequently Asked Questions
1. What is the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy?
2. What debts are dischargeable during bankruptcy?
During the bankruptcy process, only unsecured debts can be discharged. These types of debts include debt from:
Debts that cannot be discharged during bankruptcy are referred to as “secured debt” or “non-dischargeable debt,” and include:
3. Will my wages be garnished?
As soon as you file for bankruptcy, any wage garnishment should stop. If your wages continue to be garnished even after you have filed for bankruptcy, it’s important to contact an attorney as soon as possible, as this a direct violation of the law.
4. How long does a bankruptcy stay on my credit report?
A bankruptcy will appear on your credit report for anywhere from seven to 10 years after your case has been discharged. However, even though a bankruptcy appears on your credit report, it does not mean that you will not be able to obtain credit. There a many ways to build credit even after you have filed for bankruptcy, and my credit restoration will give you the best chance to recover and rebuild your credit as fast as possible.
5. How can I restore my credit after I’ve filed for bankruptcy?
There are many ways to rebuild or restore your credit after filing for bankruptcy. After you have filed for bankruptcy, it’s important to get a credit card or small bank loan in your name. From there you must make all of your monthly payments on time. If you can pay your bills earlier than the due date it’s even better. This will help increase your credit score and financial standing. Furthermore, continuing to make payments on-time toward your mortgage, car, or other household expenses will also help to build and restore your credit.
7. Does non-bankruptcy related credit consolidation work?
Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
Do's and Don'ts
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