Frequently Asked Questions — Bankruptcy
The Law Offices of Everett Cook, P.C. provides answers to frequently asked questions relating to bankruptcy matters. Contact the firm today at 610-673-0907 to arrange a consultation.
Q: WILL A BANKRUPTCY RUIN MY CREDIT FOR LIFE?
A: No. In fact, for most people, bankruptcy can be the fastest way to restore your good credit. By filing a bankruptcy petition, a bankruptcy attorney can erase all of your unsecured debt. Your credit score consists of your Debt to Earnings ratio and the number of monthly payments you miss. By erasing your debt, a bankruptcy lawyer immediately improves both areas of your credit score. If you could not get yourself debt free in six to twelve months without filing, an experienced bankruptcy lawyer can help restore your credit as quickly as possible.
Q: WILL I BE ABLE TO GET ANOTHER CREDIT CARD IF I FILE A BANKRUPTCY?
A: Yes. After your bankruptcy is discharged, your unsecured debt is erased and you cannot file another bankruptcy in the near future. Bankruptcy, by erasing your debt, makes you a better credit risk in the long run.
Q: WILL I HAVE TO GIVE UP MY HOUSE, CAR OR PERSONAL BELONGINGS IF I FILE A BANKRUPTCY?
A: No. In most cases, a bankruptcy lawyer can save your home, your car and all of your personal belongings. While there are certain restrictions, a bankruptcy filed with our law firm will allow you to keep all of your belongings. At our free consultation, our bankruptcy attorney will determine if there are any issues with keeping any of the items that you own.
Q: HOW MUCH DOES IT COST TO FILE A BANKRUPTCY WITH YOUR FIRM?
A: Every bankruptcy case is unique. While most bankruptcy filings cost within a specific range, our bankruptcy attorney will be able to offer you a fee during the free initial consultation. Call or e-mail us today, we can see you immediately. All of our consultations are with an experienced bankruptcy attorney.
Q: IF I FILE FOR BANKRUPTCY, DOES MY HUSBAND/WIFE HAVE TO FILE ALSO?
A: No. A bankruptcy filing is a voluntary choice. If you are married you may file only in your name, however, there are some advantages to filing a joint case. During your free initial consultation, a bankruptcy attorney will be able to advise as to whether a joint filing would be beneficial, but the choice is yours.
Q: IF I FILE FOR BANKRUPTCY, WILL MY NAME BE PUBLISHED IN THE PAPER?
A: No. Bankruptcy filings are Federal court cases. As with all Federal cases, they are a matter of public record. They are not published in the papers as a matter of course.
Q: HOW QUICKLY CAN MY BANKRUPTCY BE FILED?
A: Your case can be filed today, if necessary. Bankruptcy cases involve some investigation by the bankruptcy law firm and the bankruptcy attorney. Once the information is provided and the full retainer fee is received, it usually takes our office a week to prepare. If there is a need for an immediate filing, your case can be filed on the same day our office is retained.
Q: CAN I STOP A SHERIFF SALE IF I FILE A BANKRUPTCY?
A: Yes. Bankruptcy filings stop sheriff sales. Call us for a free consultation today so a bankruptcy attorney can explain how the filing of your case affects the sheriff sale. You must file the bankruptcy case before the sheriff sale if you wish to save your property.
Q: HOW CAN I STOP MY CREDITORS FROM CALLING ME?
A: Filing a bankruptcy case stops creditor phone calls immediately. Under the bankruptcy code, the automatic stay comes into effect as soon as your case is filed. Your creditors must stop calling you and they will have to deal with your bankruptcy attorney directly.
Q: WHAT HAPPENS IF I ALREADY HAVE A JUDGEMENT AGAINST ME?
A: Filing a bankruptcy case erase the debt that the judgment is based on. Every civil suit is unique and there may be some additional work in your case to protect your interests. At your free consultation the bankruptcy lawyer will explain what should be done in your case.
Q: DO I HAVE TO GO TO COURT IF I FILE BANKRUPTCY?
A: If a bankruptcy case is filed, a trustee must hold a hearing and ask the debtor questions. These hearings are usually held in a Federal Courthouse; however, a judge is not present. Our office will send an attorney who will sit beside you through the entire proceeding. We have helped hundreds of clients from Lehigh, Northampton, Carbon, Bucks and Monroe Counties through their bankruptcy case and we will be there for your case as well.