What Bankruptcy Can and Cannot Do

This is a great article that explains what Bankruptcy can and cannot do. Give it a read and then give the Law Office of Matthew Robinson a call for a free consultation.

“Although bankruptcy eliminates some debt, it doesn’t eliminate all types of debt. Before you file for bankruptcy, make sure you know which debts will be wiped out and which will remain. For the most part, you can get rid of credit card debt through Chapter 7 and Chapter 13 bankruptcy. But you may not be able to eliminate other types of debt, including child support, alimony, most tax debts, student loans, and secured debts. In some situations, Chapter 13 can help, whereas Chapter 7 cannot.”

via Bankruptcy Basics. What Bankruptcy Can and Cannot Do | Nolo.com.

Bankruptcy timeline: Rebuilding credit

I’m often asked how bad someone’s credit is after a bankruptcy filing.  The link below leads to a great article on rebuilding credit after filing Chapter 7 and Chapter 13 Bankruptcy, and how many lenders will view a post-bankruptcy candidate in a positive light after getting the fresh start afforded by bankruptcy.

“when a person files Chapter 7 liquidation bankruptcy, the debtor immediately and dramatically reduces his or her debt-to-income ratio.”  via Bankruptcy timeline: Rebuilding credit.