QUESTION
Would you recommend filing bankruptcy now?
Asked on Jun 26th, 2013 on Bankruptcy - Colorado
More details to this question:
Five years ago, I walked away from my credit cards, loans, including my mortgage. I hardly receive any calls. However, I'm trying to get a home loan and my past has caught up to me.
10 ANSWERS
Richard hirsh
Filing bankruptcy would enable you to start re-building your credit.
Answered on Jun 27th, 2013 at 5:03 PM
Commercial Litigation Attorney serving Spokane, WA
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Steven Schneider Attorney at Law, P.S.
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If collection agencies are making your life miserable, bankruptcy may be an option depending upon your assets and debts, income and expenses. Also, if these debts are appearing for the first time they may have been purchased by a "junk debt buyer" and could be settled for lower amounts. An attorney can help you decide what to do.
Answered on Jun 27th, 2013 at 11:31 AM
Bankruptcy Attorney serving Charleston, SC
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Davis Law Firm
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You may not want to file a bankruptcy if it has been more than 5 years since you stopped paying your credit card debts. If no creditor obtained a judgment against you, the debts will no longer reported on your credit report once the debts are more than 7 years old. A bankruptcy would hurt your credit and start a new clock running with at least a three year negative impact. You need to meet with an attorney who can go over your credit situation and then you can make a decision whether you are likely to be better off simply waiting a little longer or going ahead and filing a bankruptcy. Of course, this is a balancing situation and good advice is important to help you weigh your options.
Answered on Jun 26th, 2013 at 10:41 PM
It is unlikely that filing bankruptcy will improve your credit & most lenders require you to wait for about 2 years before considering you for a new mortgage loan.
Answered on Jun 26th, 2013 at 8:11 PM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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I would file a chapter 7 now. Once the discharge comes in, your credit will be greatly improved.
Answered on Jun 26th, 2013 at 8:11 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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This is very hard to answer because you are asking that we predict the future.
Answered on Jun 26th, 2013 at 8:11 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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I make no recommendations without a full exposition of the facts and circumstances.
Answered on Jun 26th, 2013 at 1:50 PM
Bankruptcy Attorney serving Plantation, FL
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Moffa & Breuer, PLLC
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It makes sense to clean up your credit. It will still take about 2 years to qualify for a mortgage, but a bankruptcy could certainly help. Please contact an experienced attorney for good advice.
Answered on Jun 26th, 2013 at 1:25 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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Yes. If eligible and you can exempt your assets.
Answered on Jun 26th, 2013 at 1:02 PM
Deborah F. Bowinski
You can certainly file bankruptcy now and clean up all the old debt. Most of the time people must wait for two years from the closing a bankruptcy case at court before they become eligible for standard mortgage loans. If you try to wait it out you run the risk of creditor lawsuits before the statute of limitations runs out on your old debts.
Answered on Jun 26th, 2013 at 1:01 PM