People who are looking for a clean financial slate often file for bankruptcy. A bankruptcy discharge allows individuals to be free from creditors’ phone calls. It also allows them to rebuild their credit while having a solution that eliminates a lot of financial stress. However, it is important for debtors to remember that the bankruptcy process is complicated. It can be difficult to know where to begin. There are several common bankruptcy questions that individuals ask when they are considering filing a bankruptcy petition.
Can You Lose Your Employment?
It is against the law for an employer to discriminate against an employee because of a bankruptcy filing. Similarly, employers will not know about their bankruptcy filing unless the employer specifically searches databases for that information.
What Happens To Your Credit?
Another one of the most common bankruptcy questions asked involves credit. A bankruptcy filing will negatively impact your credit.. It is critical, however, that individuals develop a financial recovery plan. This plan should include reestablishing credit after the courts discharge the bankruptcy. The financial plan that the court establishes should also reflect the type of bankruptcy that you filed.
A Chapter 7 bankruptcy discharge remains on your credit report for a period of 10 years. A Chapter 13 bankruptcy discharge remains on your credit report for a period of 7 years. A consultation with an experienced attorney in your area will help you determine the type of bankruptcy you should consider based on your needs.
Will You Lose Your Home?
When you file for bankruptcy, the fate of your house will depend on the type of bankruptcy you file. Once again, you should speak with a knowledgeable bankruptcy attorney. The attorney will help you better understand how you and your property will be affected. An attorney will also know which type of filing will be the most beneficial to you.
Bankruptcy is a very complicated legal process. A bankruptcy lawyer with knowledge about the proceedings in your state can answer most of your questions before bankruptcy..
To find out more about the bankruptcy law in Georgia, contact a bankruptcy attorney at Douglas Jacobson Law Firm today.