Questions Frequently Asked By My Bankruptcy Clients
As with any legal matter, people often have many questions about bankruptcy. At my Bowling Green law firm, Darren K. Mexic, Attorney at Law, clients trust me with all of their bankruptcy cases, questions and concerns. I am here to provide you with the information and guidance you need to move forward toward a more solid financial future.
To learn more about if Chapter 7 bankruptcy or Chapter 13 bankruptcy is right for you or to get answers to questions you may have, please read through the questions and answers included below. Then call me at 270-872-0559 or contact me online to schedule your free initial consultation.
Will bankruptcy hurt my credit?
Bankruptcy will AFFECT your credit. If you have good credit, you can expect your credit score to decrease after filing. However, if you have bad credit, it is not uncommon for your credit score to increase after filing a Chapter 7 or Chapter 13 bankruptcy.
Can bankruptcy stop a wage garnishment?
Yes. It may also be possible to recover some or all of the wages that were taken from you.
Can bankruptcy stop a foreclosure on my home?
Generally, yes. Unless the house has already been sold, the bankruptcy will stay all collection efforts, including a foreclosure.
My car was repossessed. Can I get it back?
It depends on a few factors. Sometimes, however, it makes more financial sense to let the car go.
Will I lose my house?
Usually not. Protecting a person’s home when they are in financial trouble is one of my top priorities.
Will I lose my car?
Usually not. Protecting a person’s means of transportation to and from work is another priority of mine. Furthermore, most cars are not worth the trouble of being taken by order of the bankruptcy court.
What is Chapter 12 bankruptcy?
Individuals who are farmers or fishermen by trade and make the majority of their income through these means can file for Chapter 12 bankruptcy. This is a bankruptcy specifically designed for people in these industries and tailored to help them restructure their debts to maintain their income.
Am I able to file if I have a job?
Income can determine which type of bankruptcy to file, but you can have a job.
Is this published in the newspaper?
While filing bankruptcy is public record, I do not know of any papers that publish this information. Additionally, while there are types of legal cases that are required to be advertised in the news, bankruptcy is not one of those.
Can I file based on debt from medical bills? How about debt from credit cards?
Yes. Medical bills are a leading cause of bankruptcy. You can also file on credit cards.
I filed before. Can I do it again?
Yes, a person can file more than one bankruptcy. A person can file a Chapter 7 bankruptcy every eight years. However, if you have filed a Chapter 7 in that period of time, you may be required to file a Chapter 13 bankruptcy.
Will I have to take credit counseling classes?
Yes, with very limited exceptions.
I am a debt relief agent. I help people file for bankruptcy relief under the Bankruptcy Code.