Fremont Bankruptcy Attorney explains the bankruptcy process
Fremont Bankruptcy Attorney explains the bankruptcy process.
Many people have misconceptions about the bankruptcy process such as How long is the process?; Which assets can be protected?; Which debts are dischargeable?; and How it will affect their credit rating? Here is a thumbnail sketch of each of these issues.The bankruptcy process is typically speedy for an uncomplicated bankruptcy. From the time of filing the petition to the final discharge is often just a matter of a few months. After the petition is filed, the creditors have the opportunity to ask questions of the debtor in a hearing supervised by the U.S. Bankruptcy Court having jurisdiction. After that process is completed, it is mostly administrative work until the final discharge is granted by the bankruptcy judge.
It used to be that losing your home was a risk in bankruptcy. Depending on our situation, you may be able to keep your home or vehicle by excluding them from the bankruptcy filing. Your bankruptcy attorney can advise you on this issue.
Not all debts are dischargeable in bankruptcy. Tax liens, child support and spousal support, student loans, fines, penalties and debts incurred in criminal activity including driving while intoxicated are often not dischargeable. Other debts may not be dischargeable, depending on the filing status and a bankruptcy lawyer can advise you as to which debts are exempt from bankruptcy.
Your credit rating will mostly likely go down after a bankruptcy filing, but it can begin the restoration process very quickly. Responsible use of credit and using secured credit cards and secured purchases such as car loans are an excellent way to build your credit score without getting deep into debt.
If you have a question regarding Bankruptcy please contact us at 1-800-941-6730 or visit www.bkanswers.com and we can connect you with one of our experienced Bankruptcy Attorneys. After you have spoken with one of our bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you. Our team of Bankruptcy Lawyers can assist you with all aspects of your case. If you are have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down, a stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your needs. Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
