Answering Your Bankruptcy Questions
When you are overwhelmed by financial debt, learning how to free yourself from this burden can help you gain control over this situation. At the Law Offices of Dwight Burton, PLLC, we have helped countless Bowling Green residents lessen their debt load and move forward.
We want to give you the information you need to make smart financial decisions before you take action. Please read our answers to frequently asked bankruptcy questions. If you need more assistance, contact our team at 270-495-0074 or via our online form.
Can I keep my home if I file bankruptcy?
The type of bankruptcy that you file affects the assets and property you can keep after you emerge from bankruptcy. Filing Chapter 13 bankruptcy allows you to restructure your debt, creating repayment terms that are more manageable. This type of bankruptcy halts foreclosure and repossessions. If you remain current on your mortgage bills, you may be able to keep your home.
Filing Chapter 7 bankruptcy allows applicants to erase their debt by liquidating certain assets and property. Most Chapter 7 applicants do not keep their homes if they pursue this course of action.
Can I keep my car if I file bankruptcy?
Although each bankruptcy case is unique, applicants who do not fall behind on their car or truck loans are able to keep their vehicles when they finish the bankruptcy process.
If you are having a hard time paying your car loans, filing Chapter 13 bankruptcy may allow you to lower your monthly bills and allow you to keep your vehicle.
Will filing bankruptcy ruin my credit score forever?
No. It takes time and discipline to rehabilitate your credit score, but it can be done. There are steps you can take to gradually raise your credit score, including applying for a secured credit card and paying off your bills on time. Our attorney can help you create a practical plan that allows you to look forward to your future with hope and not fear.
Can I be fired for filing bankruptcy?
No. There are laws that protect bankruptcy applicants from discrimination and harassment from creditors. If your creditor tells you that you’ll lose your job for filing bankruptcy, this is a lie. Your employer may not discriminate against you if you take this action.
I’m behind on child support payments. Will bankruptcy erase back support?
No. There are certain types of debt that cannot be discharged through bankruptcy, and they include child support payments. If you are behind on your child support, it is critical that you receive a support modification from the court. You could face additional penalties if you violate a child support order.
Do You Have Other Questions? Turn To Us For Answers.
We are here to help you, not to pass judgment. Please contact us to discuss your concerns and find a path forward that works for you.