I’m often asked about how filing bankruptcy will affect a person’s credit rating. By itself the act of filing bankruptcy has a negative impact on a credit rating. Filing bankruptcy will negatively impact your credit report for 7 years following filing Chapter 13 bankruptcy and for 10 years in a Chapter 7 bankruptcy case. But […]
How does filing Chapter 7 Bankruptcy affect my credit score?
Many people know that filing bankruptcy will negatively affect their credit score. However, many people fail to recognize that creditors use other criteria for determining their credit score. We have clients who have received credit offers within a short time after they have completed their bankruptcy. It is possible to have a higher credit score […]
How is a Bankruptcy Case Initiated?
A bankruptcy case is initiated by filing a petition for bankruptcy in the office of the Clerk of the Bankruptcy Court. The petition lists the name, address and social security number of the debtor, states the necessary facts to show that the case has been filed in the right court, and alleges that the debtor […]
How to Recover From a Financial Disaster
Have you recently experienced a financial set-back or disaster?? Here are some steps you can take to begin recovery… 1) Cut overhead and get rid of unnecessary expenses – do you really need to buy that $4.00 coffee every morning? 2) Save at least $500 in an emergency fund, so you won’t be forced to […]
HOW WILL A GOVERNMENT SHUTDOWN AFFECT MY BANKRUPTCY CASE?
If you have been following political news lately, you have probably heard that lawmakers have not been able to reach a compromise regarding a spending bill, and as a result, the federal government may temporarily shut down. As a bankruptcy lawyer, I am interested in how this will affect progress in bankruptcy cases. The last […]