FAQ

GET YOUR LIFE BACK

We offer a FREEĀ 30-minute consultation to help you determine if you qualify for Chapter 7 Bankruptcy. Call today to make your appointment!

FREQUENTLY ASKED QUESTIONS

1. CAN I KEEP MY HOUSE IF I FILE BANKRUPTCY?

Yes, if you are current on your payments.

2. CAN I KEEP MY CAR?

Yes, if your lender is willing to sign a Reaffirmation Agreement with you. (This agreement "reaffirms" your loan, and allows the debt to continue on as if you didn't file bankruptcy.

3. HOW LONG MUST SOMEONE WIAIT TO FILE IF THEY HAVE FILED BEFORE?

Eight years for Chapter 7.

4. IF I'M MARRIED, DOES MY SPOUSE HAVE FILE TOO?

No, a married person can file alone. However, in community property states like California, your spouse could be responsible for the debt.

5. HOW LONG DOES A BANKRUPTCY STAY ON MY RECORD.

10 years. But after approximately two years you can begin to re-establish your credit.

6. DO I HAVE TO FILE AGAINST ALL OF MY CREDITORS?

Yes.

7. CAN YOU STOP A FORECLOSURE WITH CHAPTER 7?

Yes, but only temporarily.

8. CAN ALL OF MY DEBTS BE ELIMINATED?

No, but most of them. Child support, back taxes, and student loans, among others, cannot be discharged.

9. WHAT IS THE DIFFERENCE BETWEEN CHAPTER 7 BANKRUPTCY AND CHAPTER 13?

Chapter 7 basically wipes out all of your debt. A Chapter 13 bankruptcy is a repayment plan.

10. HOW DO "DEBT RELIEF" COMPANIES YOU SEE ADVERTISE ON TV COMPARE TO BANKRUPTCY?

These are the companies that advertise getting your debt reduced and paid in full in a short amount of time, usually three years. But this only gets your debt reduced, not wiped out. And the "forgiven" portion of your debt (the amount these agencies get "reduced") must be claimed as income on the debtor's part. This may not affect everyone, but if the amount of debt lowered is substantial, it can affect the debtor's tax bracket and actually increase his or her income tax liability. And sometimes the amount these companies ask you to pay each month may actually go up if they are unable to negotiate favorably with one or more credit card companies.

Law Office Of Rosetta N. Reed

4900 California Ave, Bakersfield,

Bakersfield, CA 93309

Phone. 661-377-1869

Email. Lawyer4wills@usa.com