About Our Firm
Attorney in Redlands, California
Our Law Office
Since opening more than 30 years of combined legal experience, we have become the top law firm in the area for real estate and business litigation. Our goal is to provide you with exceptional, courteous service in your time of need.
Frequently Asked Questions
WILL I LOSE MY HOUSE?
Bankruptcy will not result in the loss of your house so long as you keep your mortgage payments current. If you are behind on your payments you may be able to save your house from foreclosure by filing a Chapter 13 bankruptcy.
WHAT IS THE DIFFERENCE BETWEEN A CHAPTER 7 AND A CHAPTER 13?
In a Chapter 7 you file and receive a discharge (elimination of all of your debts) immediately. In a Chapter 13 you enter into a payment plan up to 60 months long in which you pay a portion of the amount you owe to your creditors. The amount you pay depends on your income. Your discharge occurs only after you have completed your Plan.
WILL I BE ABLE TO KEEP MY CARS AND OTHER PROPERTY?
In most cases yes. It depends on the value of your property. In your free initial consultation we will examine this issue.
HOW LONG WILL A BANKRUPTCY EFFECT MY CREDIT?
This will depend on you. While it will be reflected for 10 years on your credit report, most people see a significant improvement in their credit scores in about 2 years. Credit cards are also easy to obtain after bankruptcy, but interest rates are high and credit limits are low at first.
WILL MY EMPLOYER FIND OUT ABOUT MY BANKRUPTCY FILING?
Generally, no. As long as your employer is not a creditor it will not receive notice of the filing.
Bankruptcy will not result in the loss of your house so long as you keep your mortgage payments current. If you are behind on your payments you may be able to save your house from foreclosure by filing a Chapter 13 bankruptcy.
WHAT IS THE DIFFERENCE BETWEEN A CHAPTER 7 AND A CHAPTER 13?
In a Chapter 7 you file and receive a discharge (elimination of all of your debts) immediately. In a Chapter 13 you enter into a payment plan up to 60 months long in which you pay a portion of the amount you owe to your creditors. The amount you pay depends on your income. Your discharge occurs only after you have completed your Plan.
WILL I BE ABLE TO KEEP MY CARS AND OTHER PROPERTY?
In most cases yes. It depends on the value of your property. In your free initial consultation we will examine this issue.
HOW LONG WILL A BANKRUPTCY EFFECT MY CREDIT?
This will depend on you. While it will be reflected for 10 years on your credit report, most people see a significant improvement in their credit scores in about 2 years. Credit cards are also easy to obtain after bankruptcy, but interest rates are high and credit limits are low at first.
WILL MY EMPLOYER FIND OUT ABOUT MY BANKRUPTCY FILING?
Generally, no. As long as your employer is not a creditor it will not receive notice of the filing.
DOES MY SPOUSE NEED TO FILE BANKRUPTCY WITH ME?
If your husband or wife is obligated on any of the debts, they should. If not, it may be possible to file for only the person who is liable on the debt.
HOW OFTEN CAN I FILE?
For a Chapter 7, every 8 years. For a Chapter 13 you must wait 4 years if you want to receive a discharge.
HOW DO I KNOW IF BANKRUPTCY IS BEST FOR ME?
This is one of the primary purposes of our free consultation. There are many factors to consider. Sometimes we suggest not filing if you can compromise your debt with your creditors without significant tax liability. Other times it is quite clear that bankruptcy is the only reasonable solution, and if this is the case we will tell you. You are the ultimate decision maker. After you speak with us you will at least be making an informed decision.
If your husband or wife is obligated on any of the debts, they should. If not, it may be possible to file for only the person who is liable on the debt.
HOW OFTEN CAN I FILE?
For a Chapter 7, every 8 years. For a Chapter 13 you must wait 4 years if you want to receive a discharge.
HOW DO I KNOW IF BANKRUPTCY IS BEST FOR ME?
This is one of the primary purposes of our free consultation. There are many factors to consider. Sometimes we suggest not filing if you can compromise your debt with your creditors without significant tax liability. Other times it is quite clear that bankruptcy is the only reasonable solution, and if this is the case we will tell you. You are the ultimate decision maker. After you speak with us you will at least be making an informed decision.
Contact Bryant C. MacDonald Attorney At Law in Redlands, California
to schedule an appointment
at our law office
to discus your bankruptcy, business, and real estate case.