It is no suprise that Chapter 13 bankruptcy and Chapter 7 bankruptcy will negatively affect your credit. A bankruptcy filing can stay on your credit report for as long as 7-10 years under current law. Further, it will result in a drop in your credit score. However, the long term effects of bankruptcy are not as severe as many clients fear.
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Bankruptcy’s Effect on CreditBankruptcy Reaffirmation Agreements and the Art of NegotiationChapter 7 bankruptcy will eliminate unsecured debt such as credit cards and medical bills. However, most clients are interested to find out what they get to keep if they file bankruptcy. In most cases clients get to keep everything they owned before bankruptcy. Of particular interest is whether or not a client can keep their car, truck, or motorcycle. Bankruptcy and Health Care ReformAs you have no doubt heard, Congress has approved and passed a complete overhaul of health care. Upon learning about this change, my first thought has been the possible effect the new legislation will have on chapter 7 bankruptcy filings and potential clients. Bankruptcy in ArizonaWe are now performing bankruptcy services in Arizona. This includes Chapter 7 bankruptcy, Chapter 13, and Chapter 11 cases for businesses and corporate entities. If you or someone you know is considering filing bankruptcy in Arizona, call us toll free at (877) 292-9759 or fill out our online bankruptcy evaluation to chat now with an attorney. |