How long does bankruptcy stay on my credit report?
Many car loan lenders and other financial institutions do not have a mandatory waiting period for a new loan after bankruptcy. The government-sponsored mortgage programs with FHA, Veteran Affairs, and Fannie Mae require a borrower to wait 2 years before becoming eligible for a mortgage.
Can I file a bankruptcy petition myself?
A bankruptcy lawyer can ensure your rights are protected and help prevent the many pitfalls of a bankruptcy filing. Working with a bankruptcy Law Office like Florida Law Advisers, P.A., can help you decide if filing bankruptcy is, in fact, the better solution to your financial needs. Obtaining the services of experienced attorneys is… Read More »
Will bankruptcy proceedings stop foreclosure?
Yes, an automatic stay is put in effect as soon as a Chapter 7 or Chapter 13 bankruptcy is filed. The automatic stay will put an immediate stop to all collection harassment, including foreclosure auctions.
Will bankruptcy stop a car repo?
In Chapter 13, the borrower can have up to 5 years to pay off the car loan. This provides time to catch up on payments by spreading the past-due balance over a new 60-month loan. Most often, the interest rate applied is around 6%. In addition to an interest rate reduction, an option known… Read More »
How can I file for bankruptcy without losing my property?
Exempt property is a property that you do not have to forfeit when filing for bankruptcy and are instead entitled to keep. Before you file for bankruptcy or take any other debt relief measure, it is essential to know which debt restructuring exemptions you qualify for. Depending on the circumstances of your case, some… Read More »
What happens to a debt discharged in bankruptcy?
The borrower will be released from all debt liability if a debt is discharged in bankruptcy. The discharge is a permanent court order dismissing the borrower from paying the debt and prohibiting the creditor from taking any collection action against the borrower. In most cases, obtaining a discharge will be the primary reason a… Read More »
When is bankruptcy removed from my credit report?
A bankruptcy may stay on your credit report for up to 10 years; however, this does not mean you have to wait 10 years to get a new credit card or buy a new home. With the help of a law firm, you can quickly rebuild your credit and put bankruptcy behind you.
Can a student loans be included in bankruptcy?
Student loans are tough to discharge in bankruptcy, but not impossible. You must prove that paying them would impose an undue hardship on you and any dependents to get a discharge.
