Answers to Bankruptcy Questions Online
What is the cost of bankruptcy? FILING FEES: LEGAL FEES: When will I be discharged if I file for bankruptcy? The average time is 3 to 5 months after bankruptcy is filed. About 99% of all the bankrupts are discharged, having his or her debts erased (with some exceptions, see below). What type of debts can be eliminated with bankruptcy? Most unsecured debt are erased in bankruptcy except for:
I have filed for bankruptcy before, how long until I can file again? Chapter 7 Chapter 11 To keep the cost low, can I file for bankruptcy by myself? It is possible for an individual to file for bankruptcy by himself/herself. However, it is an extremely stressful process due to a mountain of paperwork, and if you don't know what you are doing it can lead to errors, delays and dismissal. Hiring competent help at affordable price is the best way to go. Will I lose my credit cards? Cards that have negative balance and have been discharged during a bankruptcy, will get canceled. It is up to the credit card company to decide whether you can keep credit cards without negative balance. Give them a call if you wish to keep the card. If I lose my cards, can I get new ones? Yes, with time you will be able to get new cards. But first you may apply for secured cards by depositing a small amount on the account, which will serve as security. As your credit score slowly rises, you can apply for regular credit cards. How long will bankruptcy stay on my record? It stays on your credit report for TEN years. A bankruptcy on your record could lead many lenders to consider it as a red flag and turn you down for loans or mortgage for years to come. Can I be fired from my job for filing? No. U.S.C. Sec. 525, prohibits employers from discriminating against you for filing bankruptcy. What are the bankruptcy alternatives? A Credit Counseling Service Company could also help you eliminate your debt. Be aware though, there's a lot of unscrupulous firms in the credit counseling industry. Do a careful research before hiring this type of financial services.
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