Life Before And After A Chapter 7 Bankruptcy
When clients approach me for assistance with Chapter 7 bankruptcy, they have many questions. Can I keep my property? How will this affect my credit score? What will my financial life be like after filing for bankruptcy? Based on many years of experience, I understand their concerns, and I am dedicated to providing accurate answers and preparing them for what to expect before and after filing under Chapter 7 bankruptcy.
To arrange a free, no-obligation consultation directly with Jason Karavias, Esq., call 412-223-7924. Bring me the facts and I will take the time to evaluate your case so you can anticipate whatever changes are in store for you.
The Process Leading Up To Filing For Chapter 7 Bankruptcy
If you believe you are set to file Chapter 7 bankruptcy, it is important to seek legal counsel from an experienced lawyer. I will conduct a thorough analysis of your finances and make a recommendation regarding your eligibility to file under Chapter 7. If we determine that this is the best option for you and proceed with filing for Chapter 7 bankruptcy, you can expect the following:
- Collection activities, including bank account restraints, wage garnishments, harassing phone calls and letters from creditors will stop.
- You will attend a meeting with the trustee who oversees your case.
- You will complete credit counseling and financial management courses.
- All qualified unsecured debt will be discharged within approximately four months.
- You will likely be able to keep all of your personal property, including your home and vehicle, as these types of property are typically exempt in a Chapter 7 bankruptcy.
How Your Finances May Differ After A Chapter 7 Bankruptcy
Relief from unmanageable debts is the No. 1 result of a completed Chapter 7 bankruptcy. Besides this significant benefit, many people wonder about the impact it will have on their credit scores. The fact that you filed bankruptcy will show up on your credit report for 10 years. However, considering that you previously struggled mightily to get debts under control, it will likely still be a net positive for your credit score because late payments and loan defaults will no longer weigh you down.
The debt discharge that comes with a Chapter 7 bankruptcy will allow you to start rebuilding good credit from the vantage point of a financial fresh start. Usually, people who file under Chapter 7 are able to rebuild their credit scores and obtain lines of credit within one to two years. Many can buy cars and get new credit cards long before that.
Get Advice From An Experienced Attorney Serving Allegheny County And The Surrounding Areas
I advise my clients on the best ways to rebuild their credit after filing. My goal is to help you learn how to live debt-free and prepare you for a long future of financial stability. To discuss what you can expect before and after a Chapter 7 bankruptcy, call my Pittsburgh, Pennsylvania office at 412-223-7924 or contact me online to arrange a free consultation.
My firm is a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.