Afraid to File Bankruptcy?
No one wants to file bankruptcy. They are afraid after filing they will lose their car and house or never be able to buy a car or house again. Some people think that even with a chapter 7 bankruptcy you have to still pay some of the credit cards back. Some people think because you file the bankruptcy they will take your house and car.
The only statement that is true from above is that no one wants to file bankruptcy. IF you own the house and car outright they are still protected under the bankruptcy laws. If you owe money on the house and car then you will need to reaffirm them and continue to make the normal payments. After filing the bankruptcy your credit will be in a rebuilding mode. Don’t miss any payments and a house purchase in a year or two will be possible. A car is usually possible in a short time but have a down payments to off set the interest rate.
A chapter 7 bankruptcy will discharge unsecured debts meaning their is no payments to the unsecured creditors ever again.
If their has been a change in your income talk to bankruptcy attorney to see how the bankruptcy laws can help you.
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