Frequently Asked Questions
Get Answers From a Southaven Bankruptcy Attorney
Bankruptcy can be a daunting process and we understand that you might have
trepidations. This is why our Southaven bankruptcy attorney has outlined
some of the most frequently asked questions about bankruptcy. Having knowledge
about the situation can put your mind at ease and help you through this
Contact us at any time if you have more questions!
Is Bankruptcy the Right Option for Me?
Many people are hesitant to consider the option of bankruptcy because of
the perceived negatives that come with it. While it is true that your
credit may suffer and the bankruptcy will stay on your credit report for
10 years, there are also numerous benefits, such as ending creditor harassment,
preventing foreclosure, and more. And, of course, one of the most significant
benefits is having a fresh financial start in your life!
What is the Difference Between Chapter 13 and Chapter 7 Bankruptcy?
Chapter 13 bankruptcy is a reorganization of debt while Chapter 7 deals
with liquidation to settle debt. Chapter 13 is for those who have enough
recurring disposable income to pay off reorganized debts over a three
to five year period. Chapter 7 liquidates your non-exempt property in
order to get debts discharged.
Is There Any Way to Stop Foreclosure on My House?
Yes, bankruptcy can effectively stop foreclosure on your house. When you
go into bankruptcy, something called an automatic stay is put on your
assets. This will stop foreclosure and give you a chance to save your home.
Are Creditors Allowed to Harass Me?
Much of what creditors do actually crosses the line of legality, though
they may claim otherwise. If you suspect that creditor activity is verging
on inappropriate or threatening, we encourage you to get in touch with
our Southaven bankruptcy attorney.
Will Bankruptcy Ruin My Credit Forever?
Contrary to popular belief, bankruptcy can fix your credit. While the repair
may not be immediate, by getting overwhelming debt off your record, you
can start to rebuild positive credit again. Talk to Boyd Law Office today
to see how it can affect you. Fill out a
free case evaluation with details of your situation.
For more information on how our team at Boyd Law Office can help you, call
us at (662) 332-0202 today!