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OptimusLaw® Bankruptcy Law Help Center Home
     
What Is Bankruptcy?
Should I File For Bankruptcy?
Alternatives To Filing Bankruptcy
Should I Hire A Lawyer?
Bankruptcy Laws
What Is The Difference Between Chapter 7 And Chapter 13?
Which Chapter Of The Bankruptcy Code Is Right For You?
Are You Eligible For Chapter 13?
What Are The Advantages Of Filing Under Chapter 7?
What Are The Advantages Of Filing Under Chapter 13?
Considerations For Business Owners
What Is Involuntary Bankruptcy?
Where Should I File For Bankruptcy?
What Are The Negative Effects Of Filing Bankruptcy?
What Will It Cost To File Bankruptcy?
Will I Lose My Home, Car Or Other Property If I File For Bankruptcy?
Will Bankruptcy Stop Creditors From Calling?
Will All Of My Debts Be Discharged In A Chapter 7 Bankruptcy?
How Long Will It Take To Complete A Chapter 13 Bankruptcy?
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What Are The Negative Effects Of Filing Bankruptcy?

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What Are The Negative Effects Of Filing Bankruptcy?

Debtors filing for bankruptcy may feel defeated, embarrassed, afraid and guilty.  Your detailed financial affairs will be made available to the court and creditors.  You may lose valuable or treasured assets, or even your business.  Payments may be deducted from your paycheck for up to five years. 

Consumer debtors are required to attend credit counseling within 180 days of filing the petition. Debtors must also complete a personal financial management education course before they can obtain a discharge.

Additionally, a
chapter 13 bankruptcy will remain on your credit report for seven years and a chapter 7 bankruptcy will remain for ten years. 

Where can I get legal advice about my Bankruptcy issue or case?

If you have a Bankruptcy Law issue or case and want legal advice for your specific situation, call the law firm below to schedule an initial consultation. 

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