COHEN LAW OFFICESBANKRUPTCY
Can I Own Anything After Bankruptcy?
Yes! Many people believe they cannot own anything for a period of time after filing BK. This is not true. You can keep your exempt property and anything you obtain after the BK is filed. However, if you receive an inheritance, property settlement, or life insurance proceeds within 180 days after filing for BK, that money or property may have to be paid to your creditors if the property or money is not exempt.
Will Bankruptcy Affect My Credit?
There is no clear answer to this question. Unfortunately, if you are behind on your bills, your credit may already be bad. BK will probably not make things any worse.
The BK can appear on your credit record for 10 years, but since BK wipes out your old debts, you will likely in a better position to pay your current bills and you may be able to get new credit.
What Else Should I Know?
Utility Services: Public utilities, such as the electric company, cannot refuse or cut off service because you have filed BK. However, they can require a deposit for future service and you do have to pay your current bills which arise after your BK is filed.
Discrimination: An employer or governmental agency cannot discriminate against you because you have filed for BK.
Driver’s License: If you lost your license solely because you couldn’t pay court-ordered damages caused in an accident, BK will allow you to get your license back.
Co-signers: If you had someone co-sign a loan for you and you file BK, they may have to pay your debt.
Call Lisa today to schedule your bankruptcy appointment with Cohen Law Offices or email Lisa at Cohen Law Offices.
Member, National Assoc of Consumer Bankruptcy Attorneys
Member, Middle District Bankruptcy Bar Association