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Bankruptcy Can Be A Confusing Process
Many individuals don’t know much about bankruptcy, save for a story or two about acquaintances or celebrities filing for debt relief. It can be a topic many individuals try to avoid, especially when it concerns their own finances.
At Aiello and Associates, we have helped countless clients in the Warren area solve their debt problems with the help of bankruptcy. Bankruptcy is a tool designed to help people in need, and we believe in offering compassionate aid to our clients.
Frequently Asked Questions We Encounter
Because we have decades and decades of combined experience, our attorneys have encountered nearly every question you can imagine about bankruptcy. Here are some of the most common:
Does bankruptcy wipe out my debts immediately?
Each type of bankruptcy is different and takes a different amount of time. For instance, Chapter 7 bankruptcy can be completed in as few as three months, but Chapter 13 might take years to be complete. However, you can see the effects of filing immediately in your relationship with creditors.
Do I have to pay it back?
Depending on the type of bankruptcy, you may need to pay it back. Some forms of bankruptcy are called “liquidation bankruptcy,” which means the bankruptcy trustee will sell your possessions to pay off your debts. A “reorganization bankruptcy” means that your debts will be consolidated, and you’ll pay them off over time.
Will filing bankruptcy make creditors stop calling me?
As soon as you file bankruptcy, creditors must stop calling or contacting you. If they continue to contact you, you should tell your attorney and they will make it stop.
Will it ruin my credit?
Bankruptcy can affect your credit, yes. To learn how much, you should speak with an attorney.
Contact Us Today To Speak With An Attorney
Have a question that we didn’t answer here? Please feel free to call our Warren office at 586-250-5527. We will speak with you, get the specifics of your situation and offer our professional opinion. To arrange an appointment, you can also reach out online. We look forward to speaking with you.