Filing bankruptcy stays on your credit report for up to 10 years. It also becomes difficult to get loans or qualify for low-interest credit cards right after filing for bankruptcy.
Forclosure can lover your credit score by up to 400 points
Bank can garnish your wages or bank
account for up to 20 years
Future loan and rental applications will likely be denied
Foreclosure can affect your credit scores for over 10+ years after the bank takes over
May be 7 years before able to purchase another home
The bank may want you to vacate and start eviction proceedings immediately
Sometimes referred to as a straight bankruptcy, a Chapter 7 Bankruptcy is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. The debtors receives a discharge of all applicable debts, usually within 4 months. In the vast majority of cases, the debtor has NO ASSETS that he would lose, so Chapter 7 will give hat person a relatively quick “fresh start.”
Also known as a reorganization bankruptcy, a Chapter 13 Bankruptcy is filed by people who want to pay off a portion of their debts over a period of 3-5 years. This type of bankruptcy appeals to individuals who have non-exempt property that they want to keep. It is also an option for individuals who have predictable income and whose income is sufficient to pay their reasonable expenses with some amount left over to pay off their debts.
A bankruptcy attorney’s fee will vary, but usually falls within the range of $3,000 - 5$,000. Some attorney’s will provide a free initial consultation, so check with your attorney.
Filing bankruptcy stays on your credit report for up to 10 years. It also becomes difficult to get loans or qualify for low-interest credit cards right after filing for bankruptcy.
South Florida-based foreclosure and loan modification experts with over 10+ years of helping families get out of foreclosure.
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