Bankruptcy FAQs (Part 1), the following are some additional frequently asked questions regarding
what to expect from the bankruptcy process.
Will my credit be permanently damaged if I
file for bankruptcy?
Although filing for bankruptcy will appear as a negative mark on your credit
report (and will, as a result, impact your credit score), the good news
is that your bankruptcy will not stay on your credit report forever. In
fact, within 7 to 10 years, your bankruptcy can be dropped from your credit
report so that, in effect, it will look like it never happened.
Additionally, it’s important to point out that, even during the period
that your credit report contains a bankruptcy on it, there are things
you can do to help boost your credit score and, therefore, minimize the
impact of the bankruptcy. For example, being diligent about paying down
any remaining debt, not acquiring any new debt and not carrying a balance
on your credit cards can significantly help to boost your credit score
even if your credit report includes a bankruptcy.
Will I lose my house if I file for bankruptcy?
Whether you are able to retain your house after filing for bankruptcy will
- The amount of equity you have in your home
- Whether you file for Chapter 7 or Chapter 13 bankruptcy
- Whether foreclosure proceedings have already been initiated against your
home prior to your bankruptcy case.
If you are concerned about keeping your home and are considering filing
for bankruptcy, contact our trusted bankruptcy attorneys for more specific
information regarding your circumstances and case.
Can or should I still have credit cards after filing for bankruptcy?
Whether it’s a good idea for you to have credit cards after bankruptcy
will depend on whether or not you think that:
- You will be able to responsibly maintain new lines of credit.
- You will be able to pay off the balance you charge each month.
- You have the money necessary to front for secured lines of credit (as these
are typically the only types of credit card lines available to those who
have just filed for bankruptcy).
While having credit cards after bankruptcy can help borrowers improve their
credit rating (as long as they are able to responsibly manage these cards),
it can be a bad idea to obtain credit cards after filing for bankruptcy
if it will ultimately mean that the borrower is just burying himself in
Lincoln City Bankruptcy
Matters related to bankruptcy need to be handled with the utmost care to
ensure that debtors’ rights are properly protected and that their
financial issues are resolved as favorably as possible. Regardless of
whether a business or individual is considering filing for bankruptcy
or whether either has a history of previous bankruptcies, the
Lincoln City bankruptcy attorneys at Andrews Ersoff & Zantello Attorneys at Law can provide our clients
with the support and professional legal assistance necessary to protect
their interests and rights at every stage of the legal process.
Our skilled legal professionals have years of experience handling various
bankruptcy-related issues, and we are dedicated to working closely with
each of our clients to ensure that they are fully protected and that they
are able to achieve a financial fresh start while resolving their debts.
Our primary goal is to assist our clients in settling and moving past
their financial issues so they can focus on their personal success and future.
Contact the experienced Lincoln City bankruptcy attorneys at Andrews Ersoff
& Zantello by calling (541) 994-7350 or by emailing us using the form
at the upper right-hand side of the screen. While we can provide you with
additional information about our services, we will also give you professional
legal advice regarding your best options for proceeding with your financial affairs.