CONSUMER BANKRUPTCY AND INSOLVENCY

”At the end of every seven years thou shalt make a release. And this is the manner of the release: Every creditor that lendeth ought unto his neighbour shall release it; he shall not exact it of his neighbour, or of his brother; because it is called the lord’s release.” (Deuteronomy 15:1-2, King James Version)

”If the debtor is in a difficulty, grant him time till it is easy for him to repay. But if ye remit it by way of charity, that is best for you if ye only knew." Quran (Sura Al-Baqara), 2:280

Everyone feels badly when he or she cannot meet their financial commitments.  Forgiveness of indebtedness has a long historical and religious tradition in western and other cultures. When times are difficult and we cannot meet our obligations it is often a choice between paying those bills or taking care of our family. In hard times bankruptcy allows you and your family to get a fresh start, free from indebtedness.  In most cases with proper planning we can help you and your family come through bankruptcy without having to give up your home, cars or other belongings. Our friendly professional staff at Broumas Law Group is able to help you through the bankruptcy process so that you can start your financial life over again free from the shackles of your creditors.

Q: Will bankruptcy hurt my credit score?

A: In most cases filing bankruptcy will improve your credit score because the creditors are required to stop reporting the account delinquent.

Q: Will lose my house or my car if I file bankruptcy?

A: If your case is properly prepared and you stay current with your mortgage and car payments, you will not lose your house and car in almost all cases. At Broumas Law Group we will be able to tell you if there is a risk of losing your home or car before the case is filed.

Q: Will filing bankruptcy keep me from buying a house?

A: Your credit score should improve enough after two or three years so that the bankruptcy and your prior credit history will not adversely affect your ability to buy a home using FHA financing.

Q: Will filing bankruptcy keep me from buying a car?

A: You should be able to finance a vehicle once you receive a discharge. In some cases you can buy a car almost immediately after your case is filed, depending on the lender.

Q: Will I be able to get student loans after I file bankruptcy?

A: Federal law prohibits lenders who make student loans from discriminating against you for filing bankruptcy.

Q: Will I be discriminated against by the government or private employers for filing bankruptcy?

A: Federal Law prohibits the government or private employers from discriminating against you for filing bankruptcy or for being insolvent prior to filing bankruptcy.

Contact Broumas Law Group and we will be happy to help you by phone (410) 840-7575.