Is it hard to file bankruptcy?
No. Although there is a lot of paperwork involved in filing bankruptcy, having a skilled and experienced attorney will make the process much less stressful and complicated. A couple of years ago, it became mandatory that all filings be done electronically, so that makes it a lot easier.
Will filing bankruptcy stop creditors calls?
Yes. Once your creditors have been notified that you have filed bankruptcy, they will not longer contact you. Instead, your creditors will work directly with our office.
Can I ever get credit again?
Yes. You can start rebuilding your credit immediately. Bankruptcy wipes out debt, which in turn helps improve your credit score. Making timely payments on the property that you choose to keep also helps raise your credit score. You will be able to get certain forms of credit as soon as your case is discharged—and sometimes sooner.
Can I can only file bankruptcy once?
No. You can file bankruptcy as many times as you want. However, you are limited on how often you can receive a discharge. You can receive a Chapter 7 discharge once every eight years, or a Chapter 13 discharge every two years. If you receive a Chapter 7 discharge, you have to wait six years before you can receive a Chapter 13 discharge. If you receive a Chapter 13 discharge, you cannot receive a Chapter 7 discharge for four years. If you do not receive a discharge, you can re-file as many times as you want. Be advised, however, that the court will punish serial filers by preventing them from filing again for six months or more.
Will I lose everything I own?
No. Bankruptcy makes it possible for you to keep the majority of your property, and it offers you protection from the collection efforts of your creditors, protections you simply don’t have outside of bankruptcy. The laws pertaining to property exemptions for debtors vary from state to state. Therefore, you should consult our office to properly advise you of the laws in your jurisdiction. Bankruptcy doesn’t always wipe out liens. This means that you will have to continue to pay for certain property if you want to keep it.
Is there is a minimum debt required?
Bankruptcy law does not set any minimum amount of debt necessary to file. If the debt appears to be beyond your ability to pay, you can elect to file bankruptcy if it represents a smart choice in your personal and financial situation.
I think I want to file for bankruptcy...
You can contact our office at (256) 859-3008. We will be glad to schedule an appointment for a free consultation.