Frequently Asked Questions About Filing for Bankruptcy

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Filing for bankruptcy is never an easy decision to make, and it can be a long process. Fortunately, with the assistance of your local bankruptcy attorney, it does not have to be unpleasant. Finding an attorney for bankruptcy help is the best way to learn what your options are, and which best fits your needs. Two of the most common options are Chapter 7 bankruptcy and Chapter 13 bankruptcy. Here are some Frequently Asked Questions to review before you meet with your attorney.

Athlete Michael Vick Almost Finished With Repaying $18 Million in Bankruptcy Debts, Reports Say

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chapter 11 bankruptcy attorneyMore than six years after filing for bankruptcy help with a Chapter 11 bankruptcy attorney, New York Jets backup quarterback Michael Vick is mere weeks away from completing repayments on the $18 million in debts he owed to creditors. According to a December 17 New York Post article, Vick filed Chapter 11 bankruptcy for individuals in July 2008, before being sent to prison for his involvement in a dog-fighting ring. From 2010 to 2014, Vick has been on a restrictive budget of $300,000 per year in order to make payments to his creditors — during this period, he earned more than $49 million.

Credit Cards After a Bankruptcy?: Why You Can — And Should — Get One

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chapter 7 bankruptcy timelineWhether you just completed your journey along the Chapter 7 bankruptcy timeline or you’re just now getting in touch with a Chapter 7 bankruptcy attorney to start your bankruptcy filing, opening up a new credit card is probably the last thing on your mind — because credit card debt was likely one of the things that led to you filing bankruptcy. However, one of the most well-known Chapter 7 bankruptcy facts is that it stays on the filer’s credit record for 10 years after the filing, and can have a devastating impact on your credit score and ability to get approved for financing and loans later on. In fact, a December 9 Investopedia article reports that the average bankruptcy filer’s credit score falls to the mid-500s.

Three Things You Can Do to Rebuild Your Post-Bankruptcy Credit Score

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chapter 7 bankruptcy timelineFiling for Chapter 7 bankruptcy helps people who have an overwhelming level of debt start over again with their finances and move forward with more responsible borrowing habits. However, after the Chapter 7 bankruptcy timeline is over, your bankruptcy will leave a pretty big mark on your credit report for the next 10 years. That can make it extremely difficult to get approval for credit on major purchases like cars and houses. But while it’s difficult to build up a good credit score again, it certainly isn’t impossible.

What it Means to File for Bankruptcy

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When it comes to bankruptcy, people generally fall into one of two camps: those who aren’t sure what it means to file bankruptcy but think they should, and those who know what it means to file bankruptcy and aren’t sure if they should. Both types might not know when to file bankruptcy, how to file bankruptcy, or where to seek bankruptcy help.