1. Will Bankruptcy put an end to all the harassment from my creditors?
If the bankruptcy documents are in order, no legal action will be taken against the debtor. No action is contemplated for repayment, arising out of this. Stay is vacated for non-payment in the case of Secured creditors.
2. Can the spouse be affected?
If the spouse is not a signing party to the agreement/contract, the spouse will not attract penal action. If the spouse is having an add-on card, he/she is likely to be held responsible for the debt. Under certain special circumstances, either spouse is dragged to the court even in the absence of the signature. In rare cases with regard to purchase/sale of property, signatures of both the spouses are required while in routine debts, signature of either spouse is not insisted upon.
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3. Will I never be able to get credit again?
Credit limit, corresponding to the security, will be increased. On par with the other debtors, Two years after discharge, they are eligible for mortgage loans, with the same financial profile, who failed to file Chapter 7. The fees for the Filing of Chapter 7 are far less than the down payment and income stability is of prime significance. Credit report regarding filing of Chapter 7 or Chapter 13 remains for 10 years.
4. How much does it cost to file for bankruptcy?
The cost of filing a bankruptcy case is very little. Though free initial consultation is available, there is variation in the lawyer's fee range. You can pare it down by proper planning. Fees can also be minimized by not requiring the lawyer to attend the meeting of creditors. In some states such as Massachusetts, attorneys must attend the Section 341 meeting with the debtors otherwise attorneys are deemed to have NOT represented the debtors.
Considering the amount of humiliation, one has to undergo in the society, in such trying circumstances, it is felt that even though the lawyer's fee is a bit high, it is worth engaging the lawyer.
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