Bankruptcy Lawyer

Paul L. Brisson Bankruptcy Attorney at Law (909) 553-2182

What about My House? Under the bankruptcy law, your house has a separate set of rules. For Chapter 13 bankruptcy, your house will be preserved and the courts shall let you live in it throughout the entire process. It is vital to check with an attorney before filing for any bankruptcy ensuring that you have a greater understanding of what is possible under what type of filing, and which filing you shall benefit from the most.

How Are My Assets Divided in Bankruptcy? For secured creditors, often a bank is paid first, for unsecured creditors, such as suppliers and bondholders they will have the next claim. For stockholders, owners of the company have the last claim on assets and may not receive anything if the secured and unsecured creditors’ claims are not fully repaid.

Does Bankruptcy Take a Toll on My Credit? Your credit will take a hit with any filing for bankruptcy. However, your personal financial recovery plan should include gradually developing credit after the bankruptcy is completed. The timing of when this occurs depends on what type of bankruptcy you are filing. With Chapter 7, bankruptcy remains on your credit history record for 10 years. With Chapter 13, bankruptcy stays on your credit history record for 7 years.

I was Bankrupt before. When can I file Chapter 7 again? A person can file Chapter 7 again if it has been more than 8 years since he or she filed the previous Chapter 7 bankruptcy.

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