How will bankruptcy affect my credit?

There is no single answer to this question. Under the current federal law, a bankruptcy can remain on a person’s credit history for up to 10 years. On the other hand, most individuals who file for bankruptcy already have poor credit. In some situations, bankruptcy may even improve a person’s credit, because bankruptcy can eliminate many debts and thus improve a person’s financial situation.

Will bankruptcy stop wage garnishments?

Yes, filing for bankruptcy will stop most wage garnishments. However, bankruptcy will not stop wage garnishments based on a domestic support obligation, like child support.

What debts can be discharged (eliminated) in bankruptcy?

Most unsecured debts can be discharged in bankruptcy. This includes credit card balances, medical bills, and personal loans. In addition, some secured debts, like judicial liens, can be discharged if they impair an exemption in a debtor’s property.

admin, Author at Yusufov Law Firm PLLC

What Happens To My Property When I File For Bankruptcy?

Posted on May 11th, 2010

Almost all of us own property. When the term “property” is mentioned, most people think of land or a house. However, property includes any item or thing that a person may own or possess. So, land or a house are property, but so is a car, a couch, a computer, a wedding ring, a book collection, or a set of tools. In addition, intangible things (i.e. things that you cannot hold in your hands) can also be property. For example, if you have a checking account, that checking account is property. If you are a part owner of a business, your interest in the business is also property, and so on.

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Should Spouses File For Joint Bankruptcy?

Posted on April 23rd, 2010

Today I want to talk about an issue that is important to every married couple considering bankruptcy—whether both spouses should file. The question comes up particularly often with families who arrange their finances so that most or all of their property is registered in the name of only one spouse. The answer in Arizona is that it is usually better for both spouses to file together. Although in most cases it may be sufficient for only one spouse to file, there are generally no benefits to be gained from doing so. Here’s why.

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When Should You File For Bankruptcy?

Posted on April 12th, 2010

A question I am often asked by clients is “When do I file for bankruptcy?” If you are considering bankruptcy, it is important to time the bankruptcy filing so that you can take the most advantage of the benefits of bankruptcy, and avoid the pitfalls created by filing too early or too late. There are many reasons why delaying or accelerating filing for bankruptcy may be beneficial. For example, if you are expecting to incur necessary expenses that would be dischargeable in bankruptcy, such as medical bills, then it is advisable to delay the filing until after you incur these expenses. That way, you can discharge these expenses through the bankruptcy.

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Tucson Bankruptcy And Debt Relief Attorney

Posted on January 13th, 2010

Filing for bankruptcy is never an easy choice, but in the right circumstances it can be the best way to protect your assets and get a fresh start. Bankruptcy can stop collector harassment, prevent home foreclosure, and help you get back on the right financial path. If you are considering bankruptcy and would like expert consultation and help understanding the process, Yusufov Law Firm is here to help.

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