There are several misconceptions that people sometimes have when they’re thinking of filing a bankruptcy case particularly a Chapter 7 Bankruptcy case. A lot of times, people are worried that they cannot keep their home. They may be worried that they’ll never be able to rebuild their credit. They could be worried that they will never be able to get a mortgage again.
A lot of times, people are also concerned about the fact of whether they have to file the bankruptcy case with their spouse. You might also be worried about the fact that you cannot discharge your income taxes or if you file the case that you might not be able to get rid of your student loans or your medical bills. The reality is this, for most people filing a Chapter 7 case, you will not lose your home so long as you are current on your mortgage payments.
You won’t lose a vehicle because you’re current on your mortgage payments. As far as rebuilding your credit, usually it takes about two, I shouldn’t say two months, but it takes about a year and a half to qualify for a mortgage again after you get out of your Chapter 7 case. As student loans are not dischargeable in a bankruptcy case, but medical bills are dischargeable.
Finally, you should be aware that you are not required because you have financial difficulties to have your spouse file with you. If you have any questions or concerns about what might or might not apply in your particular situation, please call me at 770-792-1000.
Bankruptcy FAQ:
Frequently Asked Questions: Table of Contents Who is permitted to file and maintain a chapter 7 case? Who should not file a Chapter 7 case? Is there anything that a person must do
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