FAQS

There is never a quick answer to this question. Generally, if you can pay off your debts within three to five years, then filing for bankruptcy is not a good idea. If this is not possible, then filing may be a viable solution to eliminate your financial obligations. If you are contemplating filing for bankruptcy protection, it is in your best interest to seek the advice of a bankruptcy attorney who can evaluate your individual circumstances to determine which course of action is best for you.

In most cases, the bankruptcy will help your credit rating, and it should improve within the first to 12 months after receiving your discharge.

The Fair Credit Reporting Act prohibits the reporting of outdated information about consumers. With a few exceptions, credit-reporting agencies can only disclose a bankruptcy during the ten years after the date of filing.

However, your actual credit can be restored usually within 12 months of filing a bankruptcy. Banks and other lenders seem anxious to extend credit to you once you receive your bankruptcy discharge. It appears to be in their best business interest to get you back into the credit marketplace as soon as possible. most of our clients have a credit score at or very near 700 within 12 months of filing their bankruptcy.

Yes. Very often. It depends on factors like the age of the tax, filing dates, and assessments. We analyze eligibility and pursue bankruptcy or IRS solutions accordingly.

We call you back the same day. Urgent expedited filings and creditor‑action responses can begin immediately after your case review.

Transparent, low flat‑fee pricing guaranteed. We are very competitive, and our prices are in the low range compared to other law firms. After your review, you’ll get a written quote before any commitment.

As soon as your case is officially filed with the court, creditors are legally prevented from attempting to collect on any debt owed to them by you. This means that creditors must stop all collection activity, including telephone calls, harassing letters, repossessions, foreclosures, lawsuits, and wage garnishments. Once the case is concluded, the court may enter a “discharge.” A discharge is a total release of a debtor from any further personal liability for his or her pre-bankruptcy debts. Typically, dischargeable debts include credit cards, unsecured notes and loans, gambling debts, and secured debts, such as car and house loans, if the secured property is returned to the creditor.

The bankruptcy laws provide exemptions for most if not all of your property and other assets. In the event that your assets exceed the exemptions provided by law, a negotiated deal can usually be arranged with the bankruptcy trustee that will allow you to keep any un-exempt property. Your Attorney will explain how your property will be exempted and protected. Typically all of your assets can be protected.

Typically, your residence, your automobile, all of the furniture inside of your home, work tools of the trade, and many other items of personal property. You will list all of your assets and your lawyer will go over how each of your assets will be protected by exemptions. If an asset is not protected, then your attorney will go over all of your options and explain how you can keep any non-exempt asset.

For individuals filing for bankruptcy protection, certain property is protected from creditors in bankruptcy. This property is known as exempt property.

Your “good credit rating” (score) can be restored within 12 months.

Bankruptcy is the legal method for a debtor to “discharge” or obtain relief from the debts you owe. While no debtor is guaranteed a total discharge of his debt, most debtors who file for bankruptcy are given such relief. One of the primary purposes of the bankruptcy act is to relieve the honest debtor from the weight of oppressive indebtedness and to provide the debtor with a fresh start.

Any person can file for bankruptcy protection from creditors. In addition, most businesses and charitable organizations may also qualify for bankruptcy protection.

A Chapter 7 bankruptcy is commonly referred to as a “liquidation” bankruptcy. The trustee takes any non-exempt property from the debtor, sells it, and distributes the proceeds to the creditors on a proportionate basis. The court then issues a discharge. It is not uncommon, especially in California, for the debtor to not own any non-exempt property, and therefore, the trustee takes nothing.

A Chapter 13 bankruptcy proceeding lets you rearrange your financial affairs, repay a portion of your debts, and put yourself back on your financial feet. The typical reasons for filing a Chapter 13 bankruptcy include saving a house in which you are in arrears, payment of back taxes, alimony, or child support. You repay your debts through a Chapter 13 plan. Under a typical plan, you make monthly payments to the bankruptcy trustee, who is appointed by the bankruptcy court, for three to five years. The bankruptcy trustee distributes the money to your creditors.