Frequently asked questions
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Bankruptcy - Frequently asked questions and answers

What happens to my credit after filing for bankruptcy?
For the lack of a better word, bankruptcy does have a severe impact on one’s credit score. After filing for bankruptcy one credit is usually hindered for 7 to 10 years. This will make it very hard or impossible to obtain another line of credit. The creditors simple do not want to take the chance that the borrower will default on another loan or line of credit.

Will the creditor harassment stop after I file bankruptcy?
Yes, legally creditors are no longer able to contact you after you have filed bankruptcy. When filing bankruptcy it is a legal clad document wavering one from paying the debt.

Do I need to have an attorney to file bankruptcy?
Having legal representation when filing for bankruptcy is very wise due to all of the red tape that is involved. There is plenty of paperwork and documentations that need to be signed. It is very important to make sure no stone was left unturned when doing such a detailed financial move.

I do not want anyone to know that I am filing, is this possible?
Unfortunately bankruptcy is a very public matter that can be view at any time. Once the bankruptcy has been filed and achieved it will become public. Creditors, landlords and employers will have access to this information at any time.

What are the positives of filing for bankruptcy?
A positive would be that one is able to rid themselves of their debts without losing important assets. One is able to keep their home, car and parcel while filing. It is still important to research other options of debt servicing because this can be obtain in those programs as well.

Can I be terminated from my job for filing bankruptcy?
No, there are new laws that protect one who are filing. It is public information so it could be negative when trying to find a job. If you already have a job it would be illegal to be fired for the filing of a bankruptcy.

Will I ever be able to have credit again?
Yes, but in the beginning it may be tough. It is important to try and establish a credit history that will prove that you are trustworthy. Starting off with a pre-paid credit card is a very good way to establish credit history. Make sure to keep up on the payments and creditors will see that you are a responsible and can make your payments. Be patient and understand that this may take anywhere from 6 to 12 months.


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