What Bankruptcy Does to Your Credit Score
You can file for bankruptcy without an attorney. However, seeking the advice of a qualified attorney is strongly recommended because filing for bankruptcy has a long-term financial impact. A bankruptcy can remain on your credit report for up to ten years and has a significant effect on your credit score, making it difficult to qualify for a car loan, home loan, or other forms of credit.
Filing personal bankruptcy requires careful preparation and a thorough understanding of legal issues associated with a Chapter 7 or Chapter 13 filing. Bankruptcy judges and court employees are prohibited by law from providing any legal advice when you file without an attorney. Yet, filing as an individual still requires you to be familiar with the United States Bankruptcy Code and the Federal Rules of Bankruptcy Procedure as well as the local rules of the court where you file your bankruptcy case. Brooklyn NY bankruptcy lawyers at Ursulova Law Offices can help you with your bankruptcy case by advising on matters such as:
- Whether filing a bankruptcy petition is your best option
- Whether your debts can be discharged
- Whether or not you will be able to keep your home, car, or other property after you file
- Whether to file under Chapter 7 or Chapter 13
- The tax consequences of filing
- Whether you should continue making payments to creditors
- The impact of filing bankruptcy on your credit score
Bankruptcy attorneys can help you complete and file forms and assist you with other aspects of your bankruptcy case.
Ursulova Law Offices have locations in Brighton Beach and Brooklyn, NY. Our Brooklyn NY bankruptcy lawyers can provide you with legal expertise to help you make informed decisions regarding your bankruptcy case and your financial future.