Bankruptcy is a legal proceeding under Federal law where a person is released from paying debts by declaring bankruptcy and turning all non-exempt property over to the court's Trustee.
The positive aspects are bankruptcy allows you to keep your car if you remain current on the payments, and if you own a home it allows you keep it if you remain current on payments. If your home is in foreclosure, bankruptcy allows you to avoid foreclosure by making monthly payments on the past due amounts or the time to refinance or sell your home. Bankruptcy does not prevent you from obtaining credit.
On the negative aspects, filing and declaring Chapter 7 bankruptcy is only obtainable every 8 years. For 7 to 10 years, your credit report will show that a bankruptcy has been filed. You may need to wait 2 years before you can purchase a home, but some lenders may allow for home loans after 1 year.
Of course your rights to retain property and discharging of debts depend on your specific circumstances. Bankruptcy may cancel most, if not all of your debt and provide a fresh start. The Law Office of Teresa Persico has many years experience and a well regarded reputation of counseling individuals and small businesses to help alleviate overwhelming debt in troubled financial times. Whether you need to file a chapter 7 petition, a chapter 13 petition, or you are facing foreclosure, tax issues, wage garnishment or a pending lawsuit, we may be able to help.
We hope you find the following links to be helpful and informative. If you have any questions or need consultation please contact the Law Office of Teresa Persico.
The Law Office of Teresa Persico is a Federally recognized Debt Relief Agency.