Personal Bankruptcy Overview
Filing for bankruptcy is already a stressful situation. Determining the correct type of filing can seem daunting. At The Burns Law Firm, LLC, we have worked with clients and helped them alleviate their financial problems since 1998.
In 2005, Congress amended the Bankruptcy Code with the Bankruptcy Abuse Prevention and Consumer Protection Act [BAPCPA]. This created more paperwork for filing, and made filing for Chapter 7 [straight or liquidation] bankruptcy more difficult to do. At The Burns Law Firm, LLC, we will help you determine if you are eligible for this filing. If you are not, you may still be eligible to file for a Chapter 13 [reorganization] bankruptcy, where you would negotiate with your creditors about repayment options to pay off your debts in three to five years. There is also the option of filing for a Chapter 11 personal bankruptcy, which offers a reorganization option for individual debtors akin to the type generally used by corporations. This type of filing is more complex, but we can help you determine if it is right for your situation.
A bankruptcy is expunged from your records within 10 years. Most bankruptcies are removed from your credit history sooner. While your credit will take a hit, and it probably already has, there are credit card companies who will send you offers a year or so after your bankruptcy. You may be able to qualify to purchase a home in about 2 years. Once you have filed for bankruptcy, you are prohibited from filing for a bankruptcy to discharge your debts for another 8 years, so some creditors will consider you a good risk.
Included in our fee for representing our personal bankruptcy clients is a credit review after the bankruptcy discharge. At The Burns Law Firm, LLC, we know that it is important to make sure that our clients' financial record is correct. We ask that our clients obtain a copy of their credit reports between three and six months after their bankruptcy discharge – six months is preferable, so that the credit agencies have had adequate time to update their records. We have our clients schedule an appointment and bring in the report so that Mr. Burns can review it and make certain that record is accurate.
While it may seem as if filing for a personal bankruptcy is the end of the road, it is, in fact, an opportunity to step forward to a brighter future. At The Burns Law Firm, LLC, we are ready to help you move toward a life free of financial burdens. Contact us today.