FREQUENTLY ASKED QUESTIONS

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Get answers to some of our most common questions below.

Q. HOW MUCH WILL BANKRUPTCY HURT MY CREDIT?
A. Suprisingly, the bankruptcy itself will not likely decrease your credit score. Often, the damage has already been done. In fact, bankruptcy will eliminate most of the consumer creditors who are reporting negatively to the credit bureaus.

Q. WILL I EVER BE ABLE TO OBTAIN CREDIT AGAIN?
A. As long as your income is reliable, most clients are able to finance vehicles and obtain mortgage financing approval within 12 to 24 months following a typical bankruptcy.
Q. WILL I LOSE MY HOME, CAR, OR POSSESSIONS?
A. Not unless you intend to surrender a home, car, or possessions. Bankruptcy law allows for specific exemptions, or protection statutes, utilized to protect your personal possessions and property.

Q. WILL I LOSE MY PENSION OR RETIREMENT SAVINGS?
A. No. Bankruptcy law provides for specific exemptions, or protection statutes, utilized to protect your personal possessions and property.
Q. CAN I KEEP A CREDIT CARD THROUGH THE BANKRUPTCY?
A. Ultimately, this will vary depending on the type of credit card, type of creditor, and other factors.

Q. WHO WILL FIND OUT ABOUT MY BANKRUPTCY?
A. Only the listed creditors in your petition will received an official notice from the Court. Bankruptcies are not reported on Wisconsin CCAP, as bankruptcies are filed in Federal Court.
Q. WHEN IS THE RIGHT TIME TO FILE?
A. There is not a particular time. You do not have to be so many months behind or current on any of your debts. Once your situation dictates your need to file, then we will file your case.

Q. WHY IS THIS BETTER THAN CREDIT COUNSELING OR DEBT NEGOTIATION?
A. Bankruptcies are filed in Court and the relief from creditors is immediately upon filing. Most forms of counseling and debt negotiation are voluntary between you and the creditors, and creditors frequently back out of those programs.
Q. HOW LONG DOES IT TAKE TO FILE BANKRUPTCY?
A. We have filed cases the same day of the original appointment in the past. There is not a prescribed waiting period. Once all the requirements are fulfilled, we can file your case.