BANKRUPTCY
Professional Bankruptcy Assistance
Bankruptcy May Benefit You
Bankruptcy can be the answer to turning your life around. Bankruptcy can stop the harassing phone calls, halt foreclosures, and prevent garnishments. Bankruptcy can also give you the fresh start you need.
Bankruptcy rules take a cold look at the type of debt and the value of your property. They do not look at blame or fairness. In general terms, how long you have suffered or how long you have been trying to pay your debts is not considered. At Register Law Office, we specialize in Chapter 7 (straight bankruptcy) and Chapter 13 (wage earner plans).
Should You File for Bankruptcy?
Some people should not file for bankruptcy. You need to consider the impact on your credit, whether you own unprotected property or have debts that cannot be discharged (such as child support). The benefits vary depending on the situation and there are many reasons to choose filing for bankruptcy.
Are You Considered Judgment Proof?
People who are considered judgment proof own very little property and do not have an income that can be garnished by creditors. They will benefit little from filing for bankruptcy. A creditor cannot do much more than harass a person with calls, so there is generally no good economic reason for them to file for bankruptcy.
Can You File for Bankruptcy?
- Yes, this option is available for most people. There has been a lot of false information in the past few years on the news and TV stating that people cannot file for bankruptcy anymore. This is patently false. Congress has changed many of the rules of bankruptcy, some for the good and some for the bad. Little has changed for the vast majority of people. Bankruptcy is still available for people to get a fresh start.
- You must wait before filing again for bankruptcy if you have previously filed. You must wait eight (8) years if you have a previous Chapter 7 case. If you have a discharge under a Chapter 13 plan, you must wait two (2) years to file. If your income is above the median for the area, you may be required to use a Chapter 13 bankruptcy (if your "disposable" income is too high). This usually happens if you are a high wage earner with no or few dependents.
- If you have had a previous bankruptcy thrown out for fraud to the court, you cannot file.
What Can Happen to Your Credit?
- Filing for bankruptcy can actually help rebuild your credit. The filing can be recorded on your credit report for up to a decade, which can lead to higher interest rates on car loans, affect your ability to obtain a home loan, all due to your credit score. Most people who were forced to file for bankruptcy already have bad credit.
- The filing will get rid of judgments and garnishments. You will be left with more disposable income once your credit card and medical bills are wiped out. You become a better credit risk since you are prohibited from filing for bankruptcy again for several years. You will be able to rebuild your credit in a very short time if you pay your bills in a timely manner after filing for bankruptcy.
This information is provided to the clients of the Register Law Office as general information and not legal advice. Every situation is unique and specific expert legal advice such as provided by the attorneys of the Register Law Office should be sought before taking any actions affecting your legal rights.
We Are A Debt Relief Agency. We Help People File for Bankruptcy Relief Under The Bankruptcy Code.
Contact us to schedule an appointment.
402-727-9248
We're willing to defend you in any precinct you need us to.