How Bankruptcy Improved One Couple’s Credit Rating

A Recent Case Study I wanted to show a recent Chapter 7 case that I filed. This is a married couple with two young children. They owned a home, and were up-to-date with their mortgage. Unfortunately, they had taken out a home equity loan several years ago in an attempt to pay off credit card debt, but despite their best … Read More

3 Questions to Ask At Your First Bankruptcy Consultation

This video talks about the 3 questions to ask at your first meeting with a bankruptcy attorney: 1) will my bankruptcy case be approved by the Court? 2) will the Bankruptcy Court permit me to keep all of my property? 3) how will bankruptcy affect my credit rating? [bws_related_posts]

Happy Thanksgiving!

My favorite holiday is Thanksgiving. It comes at a good time and it gets me to reflect on friends and family and the things that are going well. Sure, the food is good too, and it’s fun to get together with folks, but what I appreciate is the time to reflect. So, what does this have to do with bankruptcy … Read More

2 Quick Tips on How to Rebuild your Credit after Bankruptcy

Here’s a quick case study on one client who recently filed a Chapter 7 bankruptcy, became debt-free and improved his credit rating in the process. When he came into my office, he was bothered by the fact that he had recently been sued by a credit card company at his local magistrate. By the way, he was particularly miffed because … Read More

If I File Bankruptcy, How Will it Affect a Co-signer?

First, it’s important to know a couple of concepts. When you file either Chapter 7 or 13 and you have a co-signer on a specific debt, your bankruptcy filing will not discharge (wipe out) your co-signor’s liability. If you receive a bankruptcy discharge order, then only your liability is wiped out. Moreover, co-signed loans are set up by banks and … Read More

What is “credit repair” and why you shouldn’t pay anyone for it

I recently posted about “Debt Settlement” companies and why you shouldn’t pay for services that you might be able to handle yourself. Today’s pet peeve is the “credit repair” industry. Anyone who promises to erase negative events from your credit report is promising you more than they can deliver. No one can “erase” negative occurrences such as lawsuits filed or … Read More

How long does a bankruptcy stay on my record?

The three credit reporting agencies all obtain bankruptcy filing information almost immediately when a case is filed. If you file a Chapter 7 case, then it will appear on your credit report for 10 years from the case filing date. If you file a Chapter 13 case, then it will appear for 7 years. There is nothing that you need … Read More

How will filing bankruptcy affect my credit?

The fact that you have filed bankruptcy will remain on your credit report for 7 years if you’ve filed Chapter 13, or for 10 years if you’ve filed Chapter 7. This period of time starts from the date of your bankruptcy filing. Despite this however, just because your bankruptcy filing remains on your credit report doesn’t mean that you won’t … Read More