FAQ’s & Myths

1. Will bankruptcy stop foreclosure, garnishment and harassing letters and phone calls?

Yes. Filing a bankruptcy automatically protects you from these actions.

2. How much do you have to owe to file bankruptcy?

There is no set amount of debt that you are required to have to be eligible to file. One of the purposes of our free consultation is so that we can meet with you and determine if bankruptcy is right for you based on your immediate situation.

3. Do I have to list all my debts if I file a bankruptcy case?

Yes. You are required to list all your debts.

4. Can I keep my house and vehicle if I file bankruptcy?

In a Chapter 7 case, if your house or vehicle is collateral for a loan and you want to retain these items, you may keep the items if you are current and remain current with your payments. Many Chapter 13 cases are filed to keep and pay off a vehicle and catch up past due house payments. If there is no lien on your house or vehicle, your attorney will advise you of the effect of filing a bankruptcy case and whether the item may be exempt and protected.

5. How long will bankruptcy stay on my credit report if I file?

A bankruptcy can stay on your credit report for up to ten years. Some credit reporting agencies may remove it after seven years. However, this does not mean you will have a bad credit score for 7-10 years. You may improve your credit score after bankruptcy.

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Sound legal advice is based on years of training, hard work, and passion, as well as familiarity with legislation and precedent and sound consideration. You’ll find all that and more at Kelley, Lovett, Blakey & Sanders.

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