Frequently Asked Questions

When will I be able to get a credit card, loan, car and/or mortgage after bankruptcy?

You can apply for credit cards, loans and car loans right after discharging debts in Chapter 7 bankruptcy. However, the rates may not be ideal. You can apply for a mortgage 2-3 years after discharging as well. Please keep in mind that Chapter 13 is a much longer process than…

What happens to my car in bankruptcy?

If you are still paying on your car loan, you can reconfirm the loan in Chapter 7 and continue to drive, and eventually own your car with regular payments. You could also use the Chapter 7 process to shed your loan obligation on an underwater car loan. If you own…

How does bankruptcy impact my home?

How much of your home equity is protected in a Chapter 7 bankruptcy is determined by the state you live in. A limited number of states protect the entire value of your home, while others protect very little. If you do meet your state’s homestead/equity exemptions, you would continue to…

What will show on my credit report after bankruptcy?

A bankruptcy remark will show on your credit report for 10 years after filing Chapter 7. However, you can take steps to rebuild your credit immediately. A bankruptcy remark will show on your credit report for 7 years after filing Chapter 13. Because Chapter 13 takes up to five years…

What will show on my credit report during bankruptcy?

There is no “during” period when filing Chapter 7 because it’s over so quickly. As for Chapter 13, you’re unfortunately in credit purgatory until your payments are complete. This can take up to five years, so there won’t be any updates to your credit report until you’re done with all…

How will my credit score change during and after bankruptcy?

After a Chapter 7 discharge, you can start rebuilding credit immediately. Given that a Chapter 13 bankruptcy can take up to five years, there likely won’t be any meaningful credit rebuilding opportunities until it’s complete. 

How does bankruptcy impact my credit score in the beginning?

There’s no way to sugarcoat it, filing Chapter 7 or Chapter 13 Bankruptcy will cause a pretty hard hit to your credit.

What are the risks of bankruptcy?

There is a period of time where it impacts your credit and may impact your immediate financial goals.History shows the majority of people who file Chapter 13 Bankruptcy risk not completing it, and therefore waste money and time on a solution that did not work.It’s public. This doesn’t impact most…

What are the benefits of bankruptcy?

Despite the prevailing stigma surrounding bankruptcy, hundreds of thousands of people in the U.S. file for bankruptcy protection every year. For many, debt relief under court protection can be the tool they need to get their financial lives back on track. Here are the four main benefits of bankruptcy, and…

Can I file bankruptcy on my own?

It is possible to file bankruptcy for both Chapter 7 and 13 without a bankruptcy attorney but we don’t recommend it. Working with a professional is advised since this is a legal process.

How much does bankruptcy cost?

The average national cost for Chapter 7 is around $1,800, but this will vary by your location.Chapter 13 varies, but expect to pay $3,000 or more.

How long does Bankruptcy take?

Chapter 7 is typically over in 90 days.Chapter 13 Bankruptcy plans run for 3 or 5 years. The vast majority of them are set for 5 years of repayments.

How does bankruptcy work?

The two most common types of bankruptcy filings are Chapter 7 and Chapter 13. In most cases, you’ll want to reach out to a bankruptcy attorney near you and schedule a consultation; most of them do this for free (so if they want to charge you, find a new attorney).…

What is bankruptcy?

Depending on the type of filing, bankruptcy is an opportunity for a consumer to gain protection from creditors using the courts, discharge unsecured debts entirely, or enter into an organized repayment plan. There are different types of bankruptcy filings and pros and cons within each option. Chapter 7 and Chapter 13…


What's a foreclosure bailout loan and is it a good idea?

What's a foreclosure bailout loan and is it a good idea?

When you’re facing foreclosure, it’s tempting to look for a fast fix that will keep you in your home. Foreclosure…
How do I avoid foreclosure?

How do I avoid foreclosure?

In times of crisis, housing and food should be our two top priorities; however, in light of the severe loss…
4 tips for finding the right bankruptcy attorney for you

4 tips for finding the right bankruptcy attorney for you

Not all bankruptcy attorneys are created equal. That’s not shocking: After all, the same could be said about finding help…

We use bank-level security with 2048-bit SSL encryption and will never share your info without your consent


Resolve is an accredited company with the Better Business Bureau​


We were selected as a winner of the prestigious CFSI Financial Solutions Lab by J.P. Morgan Chase

Copyright © 2020 Resolve Innovations, Inc., a Public Benefit Corporation. All rights reserved.