Have Bankruptcy Questions? We’ve Got Answers!

by DeLadurantey Law Office, LLC on September 15, 2014

QuestionsWhen clients come to our office for debt relief assistance, there are a few common questions we are always asked. Below is a quick summary:

How will a bankruptcy help me?

Most people understand that bankruptcy was created to provide financial relief, but they want to understand how it will specifically help them. We can review your individual finances and explain how your filing will impact you and your family.

One of the benefits a bankruptcy provides to all filers is the automatic stay, which prohibits collection activity against you while your case is pending. This means no more harassing telephone calls from debt collectors, lawsuits come to a halt, garnishments stop and any other similar activity ceases.

How will my credit score be affected?

A personal bankruptcy filing will negatively affect your credit score. However, if you are past due on several accounts and collection activity has been initiated against you, your credit score is likely already damaged. The type of case you file also impacts your score differently. The maximum amount of time a bankruptcy remains on a person’s credit report is 10 years. However, as soon as you emerge from your bankruptcy, you can immediately start rebuilding your credit.

How much does it cost to file bankruptcy?

No two bankruptcy filings are identical, so the cost of filing a case can vary depending on several factors. A Chapter 13 filing typically costs more than a Chapter 7 filing. Once we fully evaluate your case, we can give you a more accurate quote of what you can expect to pay if you decide to file for bankruptcy.

We understand that you probably have many other questions regarding Chapter 7 and Chapter 13 filings, and we are here to provide you the answers you need. Learning your options and educating yourself about the bankruptcy process does not mean you have to file a case. We can help you explore all of your debt relief options.

The “defender of the little guy,” DeLadurantey Law Office, LLC. handles student loan debt and bankruptcy matters (Chapter 7 and Chapter 13) in Milwaukee, South Milwaukee, West Milwaukee, and Milwaukee County, including the municipalities of Bayside, Brown Deer, Cudahy, Fox Point, Franklin, Glendale, Greendale, Greenfield, Hales Corners, Oak Creek, River Hills, Shorewood, St. Francis, Wauwatosa, West Allis, and Whitefish Bay. The firm also can handle your debt negotiations, debt relief, and mortgage loan modifications.   Contact DeLadurantey Law Office, LLC by phone: (414) 377-0518. Like us on Facebook.

 

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