3 frequently asked questions this week regarding bankruptcy.
Top 3 FAQ regarding bankruptcy received this week.
You have to list everything that you own in your bankruptcy petition. Even if you own the item with someone who is not filing bankruptcy with you such as your parents, you must list it. If you are buying items such as a car or a home and you still owe money on it (this is considered secured property), you must list you have it. This does not mean that you will lose all of your property if you file a bankruptcy, I am just saying you must list it in your petition. Most of the time, you can keep all of your property in a bankruptcy. Secured property can be kept as long as you are able to keep making your payments.2 – Who will know if I file a bankruptcy?
Bankruptcy filings are public records; however, they are not published in the newspaper. In theory, everybody could know, but under normal circumstances, nobody will ever find out. Bankruptcy filings are done electronically and in order to be able to review the bankruptcy information, you must have an log on to the electronic system. In order to get a log on you must be an attorney or work for one. Under normal circumstances nobody will know you filed for bankruptcy. Keep in mind that bankruptcy is visible on your credit report for 10 years
3 – Can I get credit or be able to buy things after bankruptcy and how long does it stay on my credit report.
You will qualify for credit right away after you receive your bankruptcy discharge, but BE CAUTIOUS…it will probably be limited and have a high interest rate. You can take measures to rebuild your credit; however, you must be CAUTIOUS that you are able to repay the amount you borrow, pay on time and not let your debt get too high. There are specific time requirements on how often you can file a bankruptcy and you do not want to find yourself in a situation where you can’t pay your borrowed debt and cannot file another bankruptcy.
Remember, taking care of yourself and your loved ones is most important in life. I care about you and your future! ~ Katie