Getting The Answers To Bankruptcy Questions When you're facing the difficult decisions regarding a solution to your debt problems, you may have several different bankruptcy questions that you need answered. Knowing what is involved in filing personal bankruptcy and what some of the effects will be afterward is the best way to reach a solution that is most appropriate for you. These are some of the most common bankruptcy faq you might have:

Will I lose my home if I declare bankruptcy?
In a chapter 7 bankruptcy case, you will usually be able to keep your home through a re-affirmation agreement as long as you are current in mortgage payments. Even if you do owe some back payments, however, you may be able to keep the house under a chapter 13 payment plan whereby you would pay current due payments along with past payments according to a re-negotiated schedule.

Will bankruptcy stop a foreclosure?
A chapter 7 bankruptcy filing will usually stop a foreclosure, and this is one of the most powerful advantages it can give you. However, in some cases a lender is able to file for exemption from the stay that is granted to you by your filing personal bankruptcy. This is permissible because a home is usually an asset that is secured by a deed of trust. In general, though the bankruptcy court will usually work to stop foreclosure or at least prolong it until you have received your discharge. In chapter 13 you will almost always be able to stop foreclosure since you are arranging to meet payments according to a new set of terms.

Will bankruptcy threaten my job or my ability to get a new job?
Bankruptcy laws are designed to protect you from discrimination. This means that employers cannot use your bankruptcy as a basis for termination, and that you cannot be denied hire for a new job because of your bankruptcy case.

How often can bankruptcy be filed?
You must wait 6 years to file again or if your bankruptcy was dismissed you must usually wait 180 days to re-file.

Can I get credit again after bankruptcy?
There are many ways to rebuild credit after you declare personal bankruptcy. In some cases, creditors will agree to continue an existing account under new terms after the account's debt has been discharged. This is known as "reaffirming" the account. There are also a number of consumer programs are specifically tailored to help you re-establish credit with secured or unsecured credit cards. Many lenders even offer car loans and home loans after bankruptcy. As long as you are employed, creditors might even see you as a more capable customer once your debts have been discharged since you will be beginning with a "blank slate." It is important to remember, though, that once you have had your debts discharged, creditors are protected from bankruptcy laws for 6 years since you are not able to re-file in that time. Any debt you accrue during this time will have to be met.

What are the main limitations on filing chapter7 and chapter13 bankruptcies?
Chapter 7 bankruptcy and chapter 13 bankrupcy are available to United States residents who have not already been granted a discharge in the last 6 years. If you have had an earlier bankruptcy case dismissed for any reason you must wait at least 180 days before filing again. Bankrupcy chapter 13demands that you have a steady source of income and secured debts not in excess of $750,000 and unsecured debts not in excess of $250,000.



(in Oakland, CA)


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