Frequently Asked Questions about Bankruptcy

Q: If I file bankruptcy, will I lose my house?

A: Our main concern is to protect your property, specifically your home. We haven't lost a single home in 14 years when we anticipated that it would be part of a bankruptcy. We will help you help you save your home under Chapter 13, which is specifically designed to do so.

Q: Will bankruptcy hurt my credit?

A: A person often looks stronger after bankruptcy, as it shows that the debt is extinguished.

Q: How else can bankruptcy affect my credit rating?

A: If an individual has a high credit rating, about 700 and up, bankruptcy can reduce that credit rating to a level still approvable by many lenders. Those with a very low credit rating should experience a credit score increase over time after concluding their bankruptcy.

Q: What if someone has cosigned on a loan? How will my bankruptcy affect them?

A: Under Chapter 7, the co-debtor is not protected and may require a separate bankruptcy filing. Under Chapter 13, however, the cosigner receives protection without having to file separately under the law.

Q: How much does bankruptcy cost?

A: The attorney fees for Chapter 7 start at $700, depending on circumstances. For Chapter 13, the attorney fees are part of the payment plan. In most cases, there are no upfront fees aside from a mandatory $35 credit counseling fee. For more information about our affordable fees, contact Camron Law today.

Q: What about the credit union or other local financial institutions that I am currently a member of and do business with?

A: Often we are able to fashion a plan that doesn't affect personal banking and relationships with local financial institutions and personal banking.

Q: How fast can we get started and how soon can I begin to protect my possessions? How soon can we stop the creditors from trying to collect?

A: Once we gather the necessary documentation, our average turn around is generally 48-72 hours. As a service to clients, we also pull credit reports to confirm.

Q: What documents should I bring to my first meeting with you?

A: We need a 60-day record of clients' most recent pay stubs, their most recent tax returns and as many billing statements as possible. We also need proof of Social Security number and a valid photo ID (such as a driver's license).