Bankruptcy FAQs
Frequently Asked Questions: Bankruptcy Lawyer Serving Maryland
If I file for bankruptcy, how long before I can rebuild my credit?
Actually, the rebuilding of credit begins quickly after bankruptcy. In earlier times, a bankruptcy affected credit much more severely, but there are such a large number of bankruptcy filings in the current financial climate, that many credit card companies begin making offers within the first six months, often for a "secured" credit card or very low credit limit card. The interest on these cards is usually high, but it as long as you pay it off monthly you will not incur further debt and it will show a good payment history. Even mortgages can often be arranged after a couple of years, although once again. Often those who have filed bankruptcy are actually a better credit risk, as they have less debt.
Will I "discharge" all of the debts I owe in a Chapter 7 Bankruptcy?
There are certain types of debt that cannot be discharged in a Chapter 7, although the majority of them can be, such as credit card debt and medical bills among others. If you are worried about keeping your home, it may be necessary to renegotiate the terms of your mortgage, and the filing will likely give you time to get the situation under control. For the list of the types of debts that will be discharged and those that cannot, contact a Maryland bankruptcy lawyer from the The Aylward Law Firm. Your pension plan is exempt and you will keep it.
Will my spouse be affected if I file for bankruptcy?
If your spouse has not signed the contracts on the debts that you owe, they will not be affected by your filing for bankruptcy. Each case must be fully reviewed and to determine what the results will be in your specific case.
Will wage garnishments be stopped by bankruptcy?
Yes, once the bankruptcy case is filed and a docket number is obtained, wage garnishment creditors will be notified and the wage garnishment must stop immediately. You may be eligible to request a refund of any amounts garnished in the 90 (ninety) days prior to the bankruptcy filing.
Will I still receive calls from creditors?
All creditor action must stop immediately once the bankruptcy has been filed. You will have peace and serenity in your home or small business and can get on with life without constant calls and demands for payment. Your wages cannot be garnished or lawsuits filed against you as long as you keep the agreements arranged in the bankruptcy.
When will my debts be discharged?
It usually takes about 3 months for the debts to be discharged after filing for Chapter 7 bankruptcy. In some cases it could be a bit longer.
What are the requirements needed for a Chapter 7 Bankruptcy filing?
There are specific rules regarding Chapter 7 that were changed in 2007. One requirement is that you must have had credit counseling prior to filing for bankruptcy. The bankruptcy attorney from The Aylward Law Firm can provide you with a list of accredited firms while the details of your filing are being worked on.
What can The Aylward Law Firm help me with?
This outstanding law firm assists clients who face serious financial trouble with the following types of legal actions:
Contact a Maryland Bankruptcy Attorney from The Aylward Law Firm if you are facing overwhelming debt and are seeking proven and effective legal representation to help you find a solution. Serving Maryland with skilled legal representation.