No. While filing for bankruptcy does affect your credit, depending on what chapter of bankruptcy you file, it will only stay on your credit for a certain amount of time. For instance, if you file for Chapter 7 Bankruptcy, it stays on your credit for ten years. If you file for Chapter 13 bankruptcy, however, it stays on your credit for seven years.
Not necessarily. There are different options when it comes to vehicles when filing for bankruptcy. The typical options are:
· You keep your car and keep paying the same amount of money each month.
· You keep the car and reduce your monthly payments.
· You surrender the car because it isn’t in your best financial interest to keep it.
Depending on what chapter you file, these options will be handled differently.
Chapter 13 Bankruptcy can be a great way to lower your car payment if you are struggling to pay off the loan.
In most cases, you can keep your house if you file for bankruptcy provided the equity in your house is exempt and you can keep the payments current. You have a right to file bankruptcy and it is not a breach of the home loan agreement. In Arizona, you are allowed to keep up to $100,000 equity in your home, with Chapter 7 Bankruptcy, while eliminating most or all of your debts. If you have more than $100,000.00 equity in your home, perhaps consider Chapter 13 Bankruptcy and still keep your home.
Yes. Many people qualify for loans and purchase homes after a bankruptcy filing. How quickly you are able to purchase a home and qualify for a loan is up to the discretion of the lender.
We are able to offer Arizona families and individuals immediate debt relief by filing your Chapter 7 Bankruptcy for little or $0 down and then small monthly payments after the bankruptcy case is filed. Our consultation for Bankruptcy is always FREE.
Yes. This is a great benefit of filing for bankruptcy. Once you file for bankruptcy, the automatic stay goes in place immediately meaning their ability to call you over!
Chapter 7 bankruptcy is a liquidating bankruptcy. This means that if you have assets that you own free and clear of any liens, the bankruptcy court can seize those assets and auction them off to pay your creditors. The good news is most assets are considered exempt under Arizona and federal law. This means that even though you own a particular asset outright, it will be protected during the bankruptcy process.
If you owe a significant amount of money as a result of fees related to traffic violations, you may be wondering if bankruptcy can help you get out of debt. While Chapter 7 bankruptcy rids individuals of many types of debt, unfortunately traffic fine are not one of them.
On the surface, a Chapter 7 Bankruptcy appears much more attractive than a Chapter 13 Bankruptcy. A Chapter 7 Bankruptcy is a much shorter process and you don’t have to pay any of your creditors back. A 13 is longer and you are required to make a monthly payment. So why would anyone choose a Chapter 13? The primary answer is Chapter 13 may be the only option. If you make too much money to qualify for a Chapter 7 Bankruptcy the alternative is usually a Chapter 13 Bankruptcy.
Information relating to pre-bankruptcy credit counseling and post-bankruptcy debtor education is found on the Program’s Web site at: Credit Counseling & Debtor Education Information
Information about the bankruptcy means test is available on the Program’s Web site at: Means Testing.
The precise measure of the relief available in bankruptcy depends on a number of factors including:
· The kind of tax involved;
· The age of the tax;
· Whether a return was filed; and
· The chapter of bankruptcy selected.
When it comes to bankruptcy cases, it’s important to know that not all dismissals are created equal. Depending on your specific circumstances, a judge may opt to dismiss your case with prejudice or without prejudice. The way your case is dismissed will determine whether you can file again immediately or if you have to wait a period of time to seek relief.
If you have defaulted or if you believe you may soon default on the business loan, bankruptcy is a good option to eliminate that debt. The personal guarantee is considered an unsecured debt, the type of debt that is eliminated with a chapter 7 bankruptcy filing.