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| 1. I heard that someone who files bankruptcy cannot own anything
for six years. Is that true? |
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No. You will get a fresh start from old debts as of the day your papers are filed with the court. Debts and assets acquired by you after filing are yours to keep, with one exception: an inheritance you become entitled to within 180 days after filing will go to your old creditors. |
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| 2. Will this appear on my credit report? |
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Yes, for 10 years. Consider the better
credit risk that you are after filing: you then will have the same
income, few or no debts, an ability to repay new loans, and you cannot
file a chapter 7 again for 6 years. Lenders make loans based on current
credit worthiness more than any other factor. There are exceptions,
but you will probably have little difficulty in re-establishing credit
after this is over. |
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| 3. How long before I can file Chapter 7
again? |
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Six years from the date you file. |
Credit Cards >
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©2008 Alexander Gordon, IV. All Rights Reserved.
No material may be copied or reproduced in any form, written or electronic without
the express written consent of Alexander Gordon, IV. Copyright violations
with be prosecuted to the fullest extent of the law. This website
is for general informational purposes only. Consult an attorney
with specific legal questions. Laws, statutes, cases, and rules
of procedure are constantly changing. Always consult with your attorney
as to the most recent laws, statutes, cases, and rules of procedure.
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