QUESTION
How can I know if I can file for chapter 7 and will that hurt me in the future with future creditors?
Asked on Jan 25th, 2013 on Bankruptcy - Colorado
10 ANSWERS
If your debt is over 50% business debt (as opposed to business debt) or you are on active duty in the military, you can easily file a chapter 7. Otherwise, you need to fill out the attached Means Test which looks into your debts, assets, income, expenses, etc. A good bankruptcy attorney can help you fill it out, and my paralegals do it frequently. The filing of the bankruptcy will severely affect your credit and your ability to get credit in the future. But, bankruptcies are very common today and things are getting easier. You can immediately begin to rehabilitate your credit after filing the bankruptcy. You will not want to risk a foreclosure or default on other bills after filing the bankruptcy.
Answered on Jan 29th, 2013 at 8:15 PM
This is a very broad question that can only be answered by a thorough review of your finances. How much do you have left after paying your living expenses each month? Take that number, multiply it by 60 and compare it to the total debt you could eliminate in your bankruptcy. If the one isn't much larger than the other by at least a factor of 4, bankruptcy might not be appropriate for you. Of course bankruptcy is going to damage your ability to obtain credit in the future. Everything has a price, and the price of bad credit is limited availability of credit in the future.
Answered on Jan 29th, 2013 at 7:36 PM
If you feel that you monthly payments are more than your income, you should at least think about it. It will go on your credit report, but so does the fact of late payments, lawsuits, garnishments, etc. As far as filing for chapter 7, it is pretty easy. If it has been at least 8 years since you filed a chapter 7 and your income is not too large (based on where you live and family size) you can file.
Answered on Jan 28th, 2013 at 10:56 PM
Probate and Estate Planning Attorney serving Harrison, MI
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David T. McAndrew, Attorney at Law
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You, or your attorney completes the Mean Test, which determines which Chapter, 7 or 13, is the most appropriate bankruptcy to proceed. If you have not filed within the past 8 years. you?re a go.
Answered on Jan 26th, 2013 at 8:23 AM
Chapter 13 Bankruptcy Attorney serving Winston-Salem, NC
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Love and Dillenbeck Law
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Speak to an attorney. There is no other to know how a chapter 7 other than you doing the research to learn how it will affect your unique situation.
Answered on Jan 26th, 2013 at 8:23 AM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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There will be a bankruptcy on your credit. If you are considering bankruptcy then most likely your credit is already damaged. Your question should be about the relief that bankruptcy could bring you. Please understand that filing for bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.
Answered on Jan 26th, 2013 at 8:07 AM
You should consult with a certified specialist in bankruptcy law, like me. I offer a free consultation to see if bankruptcy is right for you, and to discuss all of the possible alternatives. Although bankruptcy is reported on your credit and at first has a negative effect on your credit score, a successful Chapter 7 bankruptcy discharges debt, and that has a positive effect on your credit score. Most of our clients have a higher credit score one year after they file bankruptcy than immediately before they filed bankruptcy.
Answered on Jan 26th, 2013 at 8:06 AM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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Call a local bankruptcy counsel and go in for a consult. That is the only to know. Most counsel offer a free consult.
Answered on Jan 26th, 2013 at 8:03 AM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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There is a means test to see if you qualify and I am not sure what you mean by hurting you with future creditors, of course your credit will be affected for awhile.
Answered on Jan 26th, 2013 at 3:13 AM
Bankruptcy Attorney serving Denver, CO
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Colorado Bankruptcy Law Group, LLC
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The best way to get complete information about whether bankruptcy is a good option for you is to talk with an experience bankruptcy lawyer. Most offer free consultations. You'll leave your meeting having a better idea of whether it's a good idea.
Answered on Jan 26th, 2013 at 3:13 AM