With a combined experience of 46 years in the legal field in Bridgeport and Steubenville, the consultants at Davis & Kotur Co. LPA have come up with a list of frequently asked questions about bankruptcy that will help you prepare before your consultation.
Bankruptcy will remain on your credit report for seven to ten years, but you will not have to wait that long to obtain credit. Depending on your employment, your income, and your ability to repay, you may be offered credit by some auto loan companies and credit card companies shortly after your bankruptcy is discharged (typically 3-5 months after filing bankruptcy). In addition, many people are able to obtain mortgages a few years after their bankruptcy discharge.
For numerous people, debt consolidation does little to reduce debt or repair credit. Many debt consolidation companies charge a fee that is paid upfront during the first months of the program. In this time, none of your creditors will receive any money. That means the collection calls will not stop and it may result in your creditors filing a lawsuit. In addition, during the time (usually over a period of several years) that you are making payments to a debt consolidation company, your credit report will still reflect that you owe money to your creditors.
Filing for bankruptcy automatically protects your vehicle. Many individuals file for bankruptcy to avoid losing their vehicle. Many are surprised to learn they may also be able to re-write their car loan by filing bankruptcy. Re-writing the car loan reduces the principal balance, interest rate, and monthly payment. Contact our office for more information about this.
Yes, medical bills are dischargeable in a bankruptcy. It is a very common reason that individuals and families file for bankruptcy.
No, it is not too late. Filing bankruptcy (Chapter 7 or Chapter 13) immediately stops all collection activity including wage garnishment.
Possibly. You should call our office in Bridgeport or Steubenville immediately and schedule an appointment for a consultation. This appointment is FREE and the attorney will be able to examine your situation and recommend a course of action.
Federal law prohibits an employer from discriminating against you because you filed bankruptcy.
Bankruptcy filings are generally not published in the newspaper. At Davis & Kotur Co. LPA, we will handle your case with the utmost discretion.
It is difficult to quote an exact fee without knowing the specifics of your case. Once you set up your FREE consultation and once we review your situation, we’ll be able to quote you a fee for your bankruptcy case.
When you file for bankruptcy, the court will notify your creditors. Under federal bankruptcy law, creditors must stop calling you and sending you collection letters after they are notified of the bankruptcy filing. If a creditor contacts you after you have filed for bankruptcy, you should refer the creditor to your bankruptcy attorney. Most people are surprised at how quickly the creditors stop calling.