Bankruptcy does have an immediate impact on your credit score. However, for many their access to credit is improved because the derogatory marks are removed.
A debt that no longer requires payment. After a debt is discharged, a creditor will not be able to make an attempt to collect a debt.
Discuss your concerns with one of our attorney's. Based on your situation, they will advise you on the best action plan. When you are ready to move forward, an agreement to retain council is completed. Once council is retained, you collect and submit statements of accounts and assets to our online portal and complete a credit counciling course. When you receive the certificate for completing the course, we can file a petition to the court. Then there is a meeting of creditors held by a court trustee to review and discuss the case. All parties are required to attend. Please note, our service is all inclusive, meaning there are no additional fees or charges you will incur for filing.
While bankruptcy will remove your obligation from many types of debt. It will not discharge federal student loans, court ordered alimony and child support, some taxes, new debt, fraudulent loans, or debts incurred from personal injury while driving intoxicated. Also important to note, the cosigner of the loan will still be legally obligated to pay all or part of the loan when you file.
Cases are filed in Federal Bankruptcy Court in the district where you have resided or maintained a principal place of business for 6 months. A transfer to another district is possible if it is deemed in the interest of justice or for convenience of parties.
There is alot of misinformation about bankruptcy online, but a good resource to learn more about the process is www.uscourts.gov
This site is maintained by the Administrative Office of the U.S. Courts on behalf of the federal Judiciary.