1. Will I lose anything if I file for bankruptcy?
Generally, you may file a bankruptcy and retain all of your personal
belongings, including your house, your car and all household goods.
Chip Angell will make sure that all of your personal belongings are
protected. If you owe more on your car than the car is worth, the
bankruptcy court will not sell your car, because after sale there would
be no money left over to make a distribution to your creditors. The
same goes for your home and personal property. Even if your property is
worth more than what is owed on it, usually we can use the state
bankruptcy exemptions to protect these items.
You
may be more at risk of losing property if you don't file bankruptcy, as
creditors can sue you and attach your bank accounts, garnish your wages
and attach and seize your property. As a result, you may miss rent,
mortgage or car payments, making it difficult to provide even your most
basic necessities.
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2. When do I get relief from creditor harassment?
Immediately. As soon as you come into our office, we will give you a
client record number and you will then refer all future creditor calls
to your bankruptcy attorney. No more credit card payments and no more
harassment immediately upon retaining E.W.Chip Angell.
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3. Does my spouse have to file jointly with me?
If all or most of the debts are in your name only, your spouse may not
have to file. Creditors usually cannot pursue a non-filing spouse,
unless he or she is legally a co-debtor on the debt. Additionally, the
bankruptcy should not be reflected on the non-filing spouse's credit
report. The law does vary, however, from state to state so make sure
you speak with a Mr. Angell about whether or not your spouse has to
file.
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4. Who knows about my bankruptcy case?
The only parties that receive notice of the bankruptcy are your
creditors, the bankruptcy court and the IRS. Generally, the bankruptcy
will have no effect whatsoever on your taxes. Your employer will not be
notified of the bankruptcy unless your employer is also a creditor. The
bankruptcy is public record, so anyone who wants to find out could
determine that you had filed. Generally, however, only you, your
creditors and the IRS will know about the bankruptcy.
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5. Will I be able to rent after I file bankruptcy?
There were over 1 million bankruptcies filed in the United States last
year alone. Common sense will tell you that these people are not all
living on the street. If you are presently renting a home or apartment,
usually your present landlord will renew your lease without running an
updated credit report, and will have no knowledge that you even filed a
bankruptcy. If you are applying for a new lease, there could be some
slight difficulties that can easily be overcome. We have found that
larger leasing companies usually have stricter policies regarding
leasing to applicants with blemished credit. Remember that it is the
blemished credit report, not necessarily the bankruptcy that is
reflecting poorly on your application. Also, with no outstanding debt,
you may appear to be a better risk than other applicants who have
outstanding debt and blemished credit reports. We find that a good
faith gesture, such as offering an extra month security deposit, may be
enough for a potential lessor to overcome her concerns about your
blemished credit.
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6. How do I know if I should file bankruptcy?
*Are you calling because you are being sued?
If you are being sued, and you own a home, we strongly urge you to
speak with a Legal Helper representative immediately about filing a
bankruptcy. A bankruptcy will stop a lawsuit immediately and prevent
your creditors from placing a lien on your home or garnishing your
hard-earned wages.
*Is your home being foreclosed or is your car about to be repossessed?
If it is, very often bankruptcy may prevent the foreclosure action or
repossession from proceeding and allow you to consolidate your mortgage
arrears or automobile balance and make payments on those debts over
time through a payment plan designed by us with your help. If your
house is being foreclosed or your car is about to be repossessed,
Chapter 7 may not be an option. Chapter 13 may save your house and your
car.
*Do credit cards or medical bills have you so deep in debt that it is hard for you to save for the future?
If you are only paying the minimum payment on the credit card bills
from month to month (generally from two to three percent of the
outstanding balance), and the interest rate is only 15%, you will take
about 20 years to pay off a $10,000 debt. Do you really want to be in
the same financial situation in twenty years? Chapter 7 bankruptcy can
provide you with a fresh start that you are entitled to under the law
and get you out of debt NOW.
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7. Is filing bankruptcy immoral or does it make me a bad person?
Everyone is entitled to a fresh start. Many times, events occur in
people's lives that cannot be expected. You may have had a sudden loss
in income, a family medical catastrophe, a work injury, or any one of
numerous other difficulties that would have been almost impossible for
which to plan. Most of the people that we represent are good people who
have encountered unfortunate circumstances and just want to get a fresh
start. We understand that for most of our clients bankruptcy is the
last resort. Many of our clients have a very difficult time determining
if bankruptcy is the right decision for them.
You must ask yourself? Are the Credit card companies concerned about
your financial difficulties? Are you paying your creditors instead of
saving for your children's education or your retirement? When is the
last time you took a vacation? Chip Angell believes that it is very
important for an attorney to provide both bankruptcy and non-bankruptcy
alternatives. We believe in giving you our honest opinion as to what
will put you in the best possible financial condition now and into your
future. The client always comes first. Please call, toll-free at (800) 959-9132 to
speak with a bankruptcy attorney about the issues you should consider
when deciding whether or not bankruptcy is for you.
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8. How do I choose a bankruptcy attorney?
When considering filing a bankruptcy, you want to be advised by someone
who is familiar and experienced with all of the "ins and outs" of
bankruptcy law. Especially when you own a home or car or have other
assets that you are trying to protect, you do not want your advice from
an attorney who knows a little bit about a lot of different areas of
law, but not a lot about bankruptcy. When you call a bankruptcy
attorney for information regarding bankruptcy, ask him exactly how many
bankruptcies he has done and see if his experience comes close to the
Law offices of E.W.Chip Angell. Educate yourself about your options,
but be educated by someone who is qualified.
9. Can I get rid of student loans or tax debts?
Any bankruptcy attorney must have a sophisticated understanding of
bankruptcy law to deal with student loan and tax debts. Until October
1998, student loans were discharged through Chapter 7 bankruptcy if the
first payment on the loan became due more than seven years prior to the
date of filing. In October 1998, President Clinton signed a new law
into effect that disqualified all student loans from discharge. E.W.
Chip Angell can still help you obtain relief from your student loan
debts through the use of Chapter 13. Under Chapter 13, our attorneys
can consolidate your student loan debt, along with any other
outstanding bills, and arrange an interest free repayment plan, so that
you do not have to suffer through the burden of garnishments,
harassment and other collection efforts by student loan agencies. We
may even be able to reduce the amount paid to the student loan agency
during the course of your Chapter 13 so that your consolidation payment
is as low as possible. If you would like to find out more about how the
Law offfices of E.W.Chip Angell can ease the burden of student loan
debts through the use of Chapter 13, call toll-free at (800) 959-9132 to speak directly with us.
Tax debts are generally subject to discharge only if you file
bankruptcy more than three years after you file a timely, truthful tax
return. If your return is filed late, the taxes are generally
discharged only if you file bankruptcy more than two years after filing
a truthful tax return. Of course, these are general rules and you
should speak with a Mr. Angell who will perform a detailed analysis of
these issues.
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10. Can I get credit after filing bankruptcy?
Although bankruptcy may legally be reported to your credit report for
up to 10 years, you can begin to reestablish your credit immediately.
Remember that "credit" is your ability to borrow money. Lenders
consider many factors while determining whether to loan you money, but
most importantly, they consider your debt-to-income ratio. You are
probably visiting this site because you already have more outstanding
debt than you have the ability to pay. So, arguably, you do not have
credit.
Filing eliminates most, if not all of your debts, therefore reducing
your debt-to-income ratio, potentially improving your ability to borrow
money in the future. Some financial institutions actively solicit
business from people who have filed. Lenders are in business to make
money by lending you money and charging you interest. Lenders know that
once you have filed, you will not be able to file again for 6 years.
Many of our clients have purchased cars immediately upon receiving
their discharge orders. Many lenders have programs that provide for
post-bankruptcy borrows to obtain home financing within a year or two
after a discharge. Many of our clients even receive solicitations for
unsecured credit cards almost immediately upon receiving their
discharge. The law offices of E.W. Chip Angell just wants to advise you
to be careful not to get back into the credit card "trap".
CALL TOLL-FREE,(800) 959-9132 TO SPEAK DIRECTLY WITH AN ATTORNEY. BY THE WAY, WE ARE OPEN FOR BUSINESS MONDAY THROUGH SATURDAY!