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How often can you file bankruptcy?

Most people don’t want to declare bankruptcy even once, let alone twice or thrice. But there are financial reasons why it may be necessary at times. There are limitations to how frequently a consumer can file, though. Let’s take a look at what those limitations are and how they can…

Bankruptcy: The differences between Chapter 7 & Chapter 13

When you’re facing more bills than income, sorting through the options for debt relief becomes a mission of urgency. You may want to rule out even thinking about bankruptcy because it has such a bad rap in many circles. But the truth is that sometimes it’s your best option. Learning…

Bankruptcy: The differences between Chapter 7 & Chapter 11

If you’re falling behind on credit card and loan payments or noticing that the debt keeps growing despite your best efforts to stay current, it may be time to seek protection against your creditors and find help getting out from under your debt. Facing bankruptcy can be daunting, but know…

Voluntary vs. Involuntary Bankruptcy

Bankruptcy often carries a stigma that keeps people from considering it as an option for debt relief. However, there are times when it’s the right solution for consumers who are struggling with more debt than income as it provides court protection and a chance to rebuild credit. If your financial…

Credit counseling vs. Chapter 13 bankruptcy: Which is right for you?

If you find yourself in over your head in debt it might feel like there’s no chance of relief, but you do have options to manage your debt. In fact, there are many ways to take control of your finances and get back to a healthy situation. Here we will…

Debt Consolidation or Chapter 13 Bankruptcy: Which is Right for You?

If you’re considering consolidating debt or filing Chapter 13 bankruptcy, you’re likely facing serious financial distress. Both debt relief solutions may offer you a path to recovery but also present some challenges worth understanding. What is debt consolidation? Debt consolidation usually means taking out a large loan from a creditor…

What happens when you file bankruptcy?

Bankruptcy isn’t something most of us want to consider, even when we’ve dug ourselves into a significant financial hole. But in some circumstances, bankruptcy can provide the financial protection and relief we need. Perhaps the most difficult part of bankruptcy is determining whether it’s the best option for your financial…

Debt settlement vs. bankruptcy: Which is right for you?

When you’re in need of serious help getting your credit back on track, there are two debt relief options that are worth considering. Both debt settlement and bankruptcy will reduce or eliminate your debt, but can also negatively impact your credit in the near term. Here’s what you need to…

Is bankruptcy the right choice for me?

The word bankruptcy can strike financial fear into a lot of people. It comes with a good bit of stigma, and most of us would prefer to avoid it. But the truth is hundreds of thousands of people in the United States file for bankruptcy protection every year. For many,…

How long does bankruptcy stay on my credit report?

If your debt has you feeling overwhelmed and you’re considering filing for bankruptcy, it’s important to consider all of your options before making a final decision. Bankruptcy can have a lengthy adverse impact on your credit, making it almost impossible to open new lines of credit until well after your…

What’s the difference between bankruptcy dismissal & discharge?

If you’ve been researching bankruptcy as an option for solving your debt issues, you may have come across the terms “dismissal” or “dismissed” and “discharge.” At first glance these may seem like the same thing, but they’re actually very different. Let’s take a look at why. Different types of bankruptcy…

If Resolve recommends Chapter 7 Bankruptcy, how soon can I file?

You can file Chapter 7 right away, which is especially useful if you are already involved with legal collections, or have been struggling under the weight of overwhelming debt for too long.

How does Resolve determine the cost for filing Chapter 7 Bankruptcy?

The average national cost for Chapter 7 is around $1,800, but this will vary slightly by location.

Why doesn’t Resolve include all of my debts when filing Chapter 7 Bankruptcy?

Here are some possible reasons your debts have been excluded: The creditor you’ve listed may not be in our system. If you do not see it listed, please check the spelling and/or contact support@helloresolve.com to let us know what type of debt you are trying to enter so we can assist you.Student…

Why does Resolve only recommend filing Chapter 7 as an option?

You certainly should look into your options with Chapter 13 Bankruptcy. It is a forced repayment plan that typically lasts 5 years. It is inflexible and hard to complete. Most of us would look to settling debts for less outside of a Chapter 13, as it can go faster, provides…

Does Resolve offer partnerships with bankruptcy attorneys?

Not currently but stay tuned! However, we offer this helpful resource for now: http://network.nacba.org/advanced-search where you can find a bankruptcy attorney near you.

How does Resolve help with Bankruptcy?

We can connect you with licensed professionals in your state that will give you a no-cost initial consult. We can also help you understand what Bankruptcy would do or mean for your financial circumstances.

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 states 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. So if you think about it, since Chapter…

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 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…

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