Suffering from financial worries?
What is Bankruptcy? It is the process for eliminating or restructuring debt to provide individuals, businesses, and other entities a new beginning. We understand that declaring bankruptcy can cause feelings of uneasiness, fear, and extreme sadness. That is why we are here to provide you the guidance you need. We want to help determine the best solution possible to help you manage or eliminate your debt. Whether the debt was caused by unemployment, underemployment, medical emergencies, or other changes in income, we are here to help you. The attorneys at Law Offices of Russell Fields genuinely care about the wellbeing of the clients we represent in Sacramento, CA and the surrounding areas. You can rely on the Law Offices of Russell Fields from your first consultation with a bankruptcy specialist, all the way through the completion of your case. We are here to provide each client with significantly important details to prepare for their petition, and we are patient in helping our clients fully understand the details of their bankruptcy case. A bankruptcy filing can stay on a credit report for up to 10 years.
If you are contemplating filing for bankruptcy, your credit may already be bad and bankruptcy may not make it significantly worse. In some situations, bankruptcy may allow you to improve your credit worthiness faster than you could have done otherwise based on the cancellation of most debts. However, there is no guarantee that you will be able to get new credit after filing, and it will probably take several years to rebuild your credit. It is important to use such credit wisely. Additionally, with a Chapter 13 case, the discharge (cancellation) of your debts does not occur until the end of the plan, so you would only have the ability to start rebuilding your credit after the plan has been completed.
After you obtain a bankruptcy discharge, creditors are required to report your debts as discharged in bankruptcy. While the bankruptcy will be on your credit report and the debts might still be listed, companies that are potentially offering you credit will also see that you no longer have the substantial debt burden that you had before the bankruptcy filing. Keep in mind that filing for bankruptcy is no guarantee that you will be able to obtain credit after filing.