Geraci Law wants to be a resource to you during these uncertain times. Here are answers to five common questions about filing a Chapter 7 bankruptcy. Read previous posts about unanswered questions about Chapter 13 bankruptcies (5 Chapter 13 Bankruptcy Myths, What Can a Chapter 13 Do for Me?).
Will I lose my house or my car?
It’s important to meet with an attorney. Geraci Law does not want you to “lose” anything you do not want to lose. There are several factors in determining if you KEEP your house and car:
- How much equity is in the house?
- How many people are on title to the house?
- Are you current with your payments?
These are some of the questions you will review with your attorney. The reason you hire an EXPERIENCED law firm like Geraci Law is to make sure you can keep what you want to keep. If your house is at risk, we’ll talk about alternative options like a Chapter 13. Geraci Law will provide your options to protect what you worked for.
Can I buy a house or car after filing a Chapter 7?
Filing a Chapter 7 bankruptcy does not determine your financial future. Instead, it eliminates your CURRENT debt. Geraci Law clients have gone on to purchase homes, cars, boats, etc. The FIRST step before buying a house, car or any other asset, is to deal with your PRESENT debt. Solve that problem first and then save money for a down payment. Geraci Law will do anything we can to help you get on track to achieve your financial goals.
How much does bankruptcy cost?
The short answer is it’s a LOT LESS than your current debt most times. Geraci Law can file cases for no money down. We will work with you on payment plans that fit your budget. We will work with you to figure out a plan to get you out of debt. For fee quotes, call us. Let’s talk to figure out a plan.
Can I file a Chapter 7 bankruptcy if I am working?
YES! Many Chapter 7 filers are employed. Geraci Law can help you if you are working full-time, part-time, unemployed, disabled or retired. Talking with an experienced Geraci Law attorney can help determine your Chapter 7 and Chapter 13 options based on your income, expenses a debt.
I filed before – how long do I have to wait before I can file another Chapter 7?
It is an eight year wait from the date you filed your previous Chapter 7. You eligibility is determined by the date when your Chapter 7 was FILED not discharged. If it has NOT been eight years, you can review your options for a Chapter 13 bankruptcy.