Law Firm of Wendy R Morgan

- Bankruptcy -

Preamble - Chapter 7 - Chapter 13 - Prerequiste

- PREAMBLE -

    In today’s problematic economy it is no longer considered a negative act on the part of a person, or business to file and pursue relief under the U.S. Federal Bankruptcy laws. In fact it is considered commendable to file for such relief, based upon qualifications of the debtor(s), than to do nothing to assist the family and/or business to reorganize and/or rehabilitate. Filing will end the stress of being without money and get one on the road to recovery quicker. The garnishment on your check disappears and your hard earned money remains yours. You can actually have enough money for rent and living expenses. In some cases, you can even save money. However, none of this can happen until you decide it's time to file.

    The fact that you filed for bankruptcy does not become generally known. A person would have to know exactly where to look to see if your name was among the recent filings. You can even prevent your current employer from learning about your filing. An exception to that would be if bankruptcy papers needed to be sent to stop a garnishment.

    It is also false that the filing of a Bankruptcy will make it impossible to obtain credit again.   First of all, always know that you ability to obtain credit depends more on your income, the length of your employment, the assets you own, and most important, your past credit history. You can make a record right on your credit report as to why you had to file. Often it is because you lost your job, you were ill and couldn’t work, divorce, or the like. Your creditors and potential creditors look at much more than just the fact that you filed a bankruptcy. You will likely to receive substantial solicitation mailings from credit card companies since you cannot file again for eight years. Many lenders aggressively target those that have recently filed. Although the interest rate may be higher than normal at first, the opportunity for credit still exists. If a person can wait two years before seeking credit after a bankruptcy, he will see an interest rate much closer to that of a non-filer. With regard to autos, it's relatively easy to obtain financing after a bankruptcy. In fact, some lenders will even provide financing before the current 'bankruptcy case has ended. In any case, the evidence of bankruptcy filing will be removed from a credit report after 10 years.

Call 24/7
Locally - 847-259-5700
or
Toll Free - 1(800) WR MORGAN / 1(800) 976-6742
for more information

- Office Hours 8:30 am to 5:30 pm CST -

- Evening Appointments Available -