My credit will be ruined if I file for bankruptcy: Most people mistakenly believe that their credit and their credit report are the same thing. This is wrong. Your credit is your ability to borrow money, while your credit report is a summary of your payment and credit history. Although you may have perfect payment history, if you currently have more bills than you can afford, you have no credit because no one will loan you any more money.
While a bankruptcy will be listed on your credit report, this does not mean that your credit will be ruined for an extended period of time. Generally, people who consider filing for bankruptcy already have a tarnished credit record, which will continue to get worse as they put off filing. People who have filed may begin to rebuild their credit almost immediately and many even get a mortgage within a couple years of filing and a loan or credit card even sooner.
I'll never be able to buy a home if I file bankruptcy: Can you buy one now? Most people considering bankruptcy cannot. Bankruptcy will give you the ability to save for a down payment. Also, you will have the income to qualify for a mortgage, something you probably can't do now because your debts take up all of your disposable income. Most people can qualify for a mortgage within about 2 years after their bankruptcy, and I can put you in contact with lenders that will work with you after the bankruptcy. To qualify for a mortgage, your debt cannot exceed a certain percentage of income per month.
I can only file for bankruptcy once: Many people believe if they have filed for bankruptcy in the past that they are no longer eligible to file again. While there are limitations as to future filings for bankruptcies, a person may file for bankruptcy even if done so in the past. A Chapter 13 bankruptcy may be filed as often as you need to. If you filed a Chapter 7 bankruptcy, you must wait eight years to file another Chapter 7, but you may still file a Chapter 13.
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You should choose your attorney based on your ability to work with the attorney and the attorney's skill and knowledge in the area that you require assistance. When you meet us, you'll like us, and our skill and knowledge are matched by few DFW Bankruptcy Lawyers. When choosing your bankruptcy attorney, consider the following about Ted Machi & Associates, P.C.
Our firm has attorneys who work in areas other than bankruptcy. Our firm handles a variety of legal problems for people like yourself. If you have another legal matter, such as deceptive trade, nursing home neglect, products liability, health or auto insurance denial or questions about personal injuries, we can help