Common Questions About Filing Bankruptcy
Americans are experiencing a transition regarding how they perceive bankruptcy. Just several years ago, bankruptcy was viewed as a terrible, disastrous and shameful occurrence. Now it is widely viewed as a fair chance to rebuild an individual’s or family’s future.
Yet confusion remains regarding the full and actual effects of bankruptcy. Common questions we hear from people considering bankruptcy include:
- Can I buy a house and when?
- How will my credit be affected?
- Will I be barred from buying a car or other important items?
- How do I weigh the pros and cons of filing for bankruptcy?
The answer to these questions is, not unexpectedly, “It depends.” Yet a few generalities usually apply.
For instance, our clients are usually able to finance a car within about two years after filing for bankruptcy and are usually able to finance a home within about three years. These timelines vary by individuals’ financial circumstances.
Credit score changes also vary by person. Often, though, clients facing debt issues already have low or very low scores. Others are paying thousands of dollars in interest annually and face a lifetime of debt issues, all in an effort to keep their credit score high.
Have More Questions? Contact Us Today.
We can meet with you, discuss your situation with you and outline real options that provide real solutions, all of which are balanced with your concerns and goals. For more information, contact the Ann Arbor loans and bankruptcy attorneys of Marrs & Terry, PLLC, at 734-663-0555.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.