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Bankruptcy FAQs (Part 2)

Blog 2013 October Bankruptcy FAQs (Part 2)
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Bankruptcy FAQs (Part 2)

Posted By Andrews, Cramer & Ersoff || 4-Oct-2013

Continuing from 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 depend on:

  • 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 debt again.

Lincoln City Bankruptcy Attorneys

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.

Categories: Bankruptcy

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