Frequently Asked Questions about Bankruptcy
Answers from an Experienced Bankruptcy Attorney
At Westbrook Law Group, we understand that filing for bankruptcy is an incredibly difficult step to take. For most people bankruptcy is a necessary and responsible decision to make. Bankruptcy saves people buried in debt and allows them to emerge and prosper.
- What does it cost to file for bankruptcy?
- At Westbrook Law Group, we understand that people considering bankruptcy are often experiencing serious financial difficulties. As a result, we work with our clients to ensure that they can afford bankruptcy by meeting with you and determining the exact services that you need so that you are not paying for legal work that isn’t applicable to your case under an arbitrary flat fee. If you are getting a quote over the phone from an office that quotes everyone the same fee prior to knowing anything about their situation – RUN, don’t walk! We have a client centered approach to determine a reasonable fee based on your situation and needs. While some of our competitors advertise extremely low initial fees, they add on fees once you have committed to filing with them. We are completely up front about our fees and will tell you exactly what it will cost to file for bankruptcy by tailoring a fee that is best for you and only you.
- If I file for bankruptcy, will I be able to keep my house?
- In most cases, yes. A Chapter 7 bankruptcy will delay any foreclosure sale that may be pending. Upon the completion of the bankruptcy, if you are still able to make the monthly payments on your mortgage, and are current on the payments you will be able to keep your home. Under a Chapter 13 bankruptcy, any amount that you may be behind on your mortgage will be wrapped up into the plan payment agreed upon by you, your creditors, trustee and the court. In this case, you will be able to keep your home as well.
- Will my information be kept confidential?
- As court proceedings are a matter of public record, your filing will be part of that record. That being said, it is very rare that people take the time to dig through the bankruptcy filings at the courthouse. The Westbrook Law Group takes client confidentiality very seriously. If you have any specific concerns regarding your bankruptcy and privacy issues, please alert us to them at your initial consultation.
- Will I ever be eligible for credit again?
- Yes. A Chapter 7 bankruptcy “falls off” your credit report after 10 years and a Chapter 13 after 7. It is not uncommon for a person’s credit score to actually improve after a bankruptcy as they are no longer liable for the debts that were discharged. Furthermore, many banks offer secured credit cards, which require a deposit to the amount of the credit limit. As you prove your ability to pay, the credit limit may be slowly increased. We have been told by mortgage brokers that home loans are possible 2 years after a chapter 7 bankruptcy.
Call an Experienced St. Louis Bankruptcy Attorney today for a free consultation
If you are in financial trouble and are considering bankruptcy, it is in your best interest to contact an experienced bankruptcy attorney today. Westbrook Law Group will provide you with an honest and well-informed analysis of your current situation and can advise you how to best proceed. We offer free consultations and evening and weekend appointments are available. To schedule an appointment, call us today at (636)-493-9231 or through our online contact form here.