How Does Chapter 7 Bankruptcy Affect My Credit?

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Chapter 7 bankruptcy will likely make your credit score drop initially.  After an initial drop we have seen our clients steadily rebuild their credit scores to the level, or better, of many of their friends or family members.  Bankruptcy allows you to wipe out your debt so you can start fresh and have a legitimate opportunity to have your fresh financial start.  Most people find it incredibly difficult, if not impossible, to improve their credit when they have large amounts of debt.  Chapter 7 bankruptcy will wipe out the majority of this debt and allow you to reestablish your credit worthiness.

How Does Chapter 13 Bankruptcy Affect My Credit?

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Contrary to what you may hear from some people, there is either little or no difference to your credit score based upon you filing a Chapter 7 bankruptcy or a Chapter 13 bankruptcy.  You should first understand the difference between your credit score and your ability to obtain credit. Often, these words are used interchangeably and confusion can occur. Your credit score is the number the credit reporting agencies assign to your credit. It is based on your history of making payments on your debts. Your ability to obtain credit is based on your ability to make payments in the future and is determined by your income and your debts. If your debts exceed your ability to make payments, you may be unable to obtain credit even if you have consistently paid your debts on a timely basis. In other words, you may have a good credit score yet be unable to purchase a car because you have too much debt. Filing Chapter 13 bankruptcy will most likely reduce your credit score in the short-term. However, filing bankruptcy also eliminates many of your debts and may improve your ability to obtain credit in the future.

What is Credit Counseling?

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With the new bankruptcy laws in 2005, Congress passed legislation requiring a person filing bankruptcy to take a credit counseling course within the 180-day period preceding the date the bankruptcy case is filed with the court. A certificate of completion must be filed with your bankruptcy. Most of the approved credit counseling companies provide the course online and the fees vary by company. However, it is important that you take your credit counseling course from an approved credit counseling company.

What is the Financial Management Course?

As you know, you must take a financial management course and file the certification with the bankruptcy court to receive a discharge in your bankruptcy. We recommend you take the financial management course as soon as you receive your case number but before your creditors meeting. If you are married, each person must take the course separately, and you and your spouse will receive two different control numbers. Most of our clients take the course online at Hummingbird Credit Counseling. This is important. If you have any questions regarding when to take the financial management course, please contact our office. If you have questions regarding the actual course on the Hummingbird Credit Counseling website, please contact Hummingbird at the phone number listed on their website.

Will Filing for Bankruptcy Stop Creditors from Calling and Harassing Me?

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Will Filing Bankruptcy Stop Garnishments?

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Why Should I Choose Duncan Law to File My Bankruptcy?

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Duncan Law – Bankruptcy lawyers in Charlotte NC. Why Should I Choose Duncan Law for Bankruptcy? Bankruptcy information, Chapter 7 bankruptcy, Chapter 13 bankruptcy, debt, end of bankruptcy, bankruptcy discharge, bankruptcy dismissal, bankruptcy petition, filing bankruptcy, get out of debt, behind on mortgage payments, Charlotte NC bankruptcy, Charlotte bankruptcy attorney, Charlotte bankruptcy lawyer, bankruptcy attorney, bankruptcy lawyer, Charlotte bankruptcy, North Carolina bankruptcy attorney, NC bankruptcy.

Who is the Bankruptcy Trustee?

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Bankruptcy Attorney in Charlotte, NC – Duncan Law – Who is the Bankruptcy Trustee? Duncan Law is a bankruptcy law firm located in Charlotte, NC. To learn more about how Duncan Law can help you with your bankruptcy call us today at 704-563-1224 or visit us at www.DuncanLawOnline.com. This video explains who the Bankruptcy Trustee is.

What Options do I have Other Than Filing for Bankruptcy?

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Duncan Law – Bankruptcy lawyers in Charlotte NC. What Options Do I Have Other Than Filing Bankruptcy? Bankruptcy information, Chapter 7 bankruptcy, Chapter 13 bankruptcy, debt, end of bankruptcy, bankruptcy discharge, bankruptcy dismissal, bankruptcy petition, filing bankruptcy, get out of debt, behind on mortgage payments, Charlotte NC bankruptcy, Charlotte bankruptcy attorney, Charlotte bankruptcy lawyer, bankruptcy attorney, bankruptcy lawyer, Charlotte bankruptcy, North Carolina bankruptcy attorney, NC bankruptcy.