What Can't I Do After Filing for Bankruptcy?

After filing for bankruptcy, you face several financial restrictions. Here are key actions you can't take:

• You can't take on new debt without court approval. This includes credit cards, loans, and financing purchases.

• You are prohibited from making preferential payments to some creditors over others.

• You can't sell or transfer property that's part of the bankruptcy estate without permission.

• Opening new bank accounts may be limited or require trustee approval.

• You can't hide assets or make false statements about your finances.

• Taking out cash advances or using credit cards excessively right before filing is not allowed.

• You can't continue operating a business that's part of the bankruptcy without court approval.

We advise being fully transparent with the court about your finances. To wrap it up, following these guidelines helps ensure a smooth process and prevents your case from being dismissed or leading to criminal charges.

Bankruptcy severely impacts your credit score and future borrowing. You will likely see a 100-200 point drop immediately after filing. The exact impact depends on your starting score - those with higher scores often face bigger drops.

A bankruptcy stays on your credit report for 7-10 years, making it harder for you to get loans or credit cards. Lenders view you as a higher risk, so you may face:

• Loan denials
• Higher interest rates
• Lower credit limits
• Larger down payments

However, the negative effects lessen over time. You can start rebuilding credit right away by:

• Getting a secured credit card
• Making all payments on time
• Keeping credit utilization low
• Monitoring your credit report for errors

With responsible credit use, you can improve your score significantly within 2-3 years post-bankruptcy. Some lenders may still deny you credit as long as the bankruptcy appears on your report.

To finish, while bankruptcy provides debt relief, carefully consider alternatives first due to its long-lasting impact on your borrowing abilities. Speak to a credit counselor to explore all options before filing.

You can often keep your house and car after filing for bankruptcy. Here's how you can achieve this in South Carolina:

You should use bankruptcy exemptions to protect the equity in your home and vehicle. Make sure you stay current on your mortgage and car payments, and ensure that these exemptions cover your equity. If exemptions don't fully protect your equity, the trustee may sell the property. You would receive the exempt amount with remaining funds going to creditors.

For financed homes and cars, be up-to-date on payments when you file. Lenders can repossess if you fall behind, even during bankruptcy. Courts usually favor lenders in repossession cases.

Chapter 13 bankruptcy might be a better option if you're behind on payments. This allows you to catch up over time and may reduce interest or principal on older loans.

To keep your property:
• Apply relevant exemptions
• Maintain payments
• Consider Chapter 13 if you struggle with payments

To finish, we recommend speaking to a bankruptcy attorney to explore your best options for protecting your home and car.

You can't discharge certain types of debt through bankruptcy. You will still need to pay:

• Student loans (in most cases)
• Child support and alimony
• Most tax debts
• Court fines and criminal restitution
• Debts from fraud or false pretenses
• Recent luxury purchases (over $650 within 90 days of filing)
• Debts from willful and malicious injury to others

We understand this may seem daunting. Remember, bankruptcy aims to give you a fresh start, but some obligations remain. The court considers public policy when deciding what can't be discharged.

Other debts might stay if:

• A creditor successfully challenges the discharge
• You don't follow bankruptcy rules and procedures
• You've had a recent bankruptcy discharge

We advise speaking with a bankruptcy attorney to understand how these rules apply to your situation. They can help you navigate the process and know what to expect. To wrap up, you should seek legal advice to fully grasp the implications and navigate your bankruptcy process effectively.

Bankruptcy stays on your credit report for 7-10 years, depending on the type you file. Chapter 7 bankruptcy remains for 10 years from the filing date, while Chapter 13 bankruptcy stays for 7 years from filing. This information appears in the public records section of your credit report.

You may see a significant impact on your credit score:
• A good score (700+) may drop 200-240 points.
• A score below 700 may fall 130-150 points.
• Most people end up with a score below 600 after filing.

Rebuilding your credit before the bankruptcy drops off is possible:
• Pay all debts on time.
• Keep balances low on any new credit accounts.
• Consider a secured credit card or becoming an authorized user.
• Monitor your credit reports for errors.

To finish, remember that while bankruptcy initially hurts your credit, responsible financial habits can help you recover over time. Focus on positive credit behaviors to gradually improve your score and rebuild your financial life.

Yes, bankruptcy can affect your ability to rent an apartment, but it doesn't make it impossible. Many landlords run credit checks and may be hesitant to rent to someone with a recent bankruptcy. However, you still have options:

1. Be upfront about your situation. Explain the circumstances that led to bankruptcy and how you've improved your finances since.

2. Highlight your current financial stability:
• Show proof of steady income
• Provide references from employers
• Demonstrate a history of on-time rent payments

3. Look for private landlords instead of large apartment complexes. They're often more flexible and willing to consider your individual circumstances.

4. Offer a larger security deposit or find a co-signer to ease the landlord's concerns.

5. Focus on your positive rental history. Good references from previous landlords can go a long way.

6. Consider waiting a bit. As time passes after your bankruptcy, landlords may become more willing to rent to you.

7. Work on rebuilding your credit. Paying bills on time and responsibly using a secured credit card can help improve your score.

To wrap up, remember that being persistent and honest can help you find a landlord willing to give you a chance despite your bankruptcy.

Bankruptcy can impact your job opportunities, but it isn't a career death sentence. Here's what you need to know:

• Your current employer can't fire you for filing bankruptcy. Federal law protects you from discrimination.

• You don't usually have to tell your employer about bankruptcy. Check your contract for any disclosure requirements.

• Future employers might discover your bankruptcy during background checks. Be ready to explain your situation.

• Some industries are more sensitive to bankruptcy:
- Financial services
- Law enforcement
- Government positions
- Roles requiring security clearances

• Certain professions may face restrictions:
- Accountants
- Lawyers
- Insolvency practitioners
- Directors of limited companies

• Self-employment can be affected:
- Sole traders may need to close their business
- Getting credit for business purposes becomes difficult

• Your credit report will show bankruptcy for six years, potentially impacting job applications requiring credit checks.

• Focus on rebuilding your finances and credit to improve future job prospects.

To wrap up, remember many employers understand financial difficulties happen. Be honest, show how you've learned from the experience, and highlight your skills and qualifications.

Yes, you can file for bankruptcy again even if you've done it before. The key is timing:

• Chapter 7 to Chapter 7: You must wait 8 years from your last filing.
• Chapter 13 to Chapter 13: You need to wait 2 years.
• Chapter 7 to Chapter 13: A 4-year wait is required.
• Chapter 13 to Chapter 7: You must wait 6 years, with some exceptions.

You can file anytime, but discharging debts depends on these waiting periods. Filing too soon without a discharge offers little benefit.

We understand financial struggles can resurface. Here’s what you need to know:

• You get full court protection from creditors when refiling, even if you’re ineligible for discharge.
• Your income and previous court rulings affect your eligibility.
• A Motion to Extend Stay might be needed for continued protection.
• Filing Chapter 13 after Chapter 7 can still offer debt consolidation benefits.

Consider these alternatives:

• Explore debt negotiation or credit counseling.
• Consult a bankruptcy attorney to review your specific situation.
• Assess if you meet income requirements for refiling.
• Determine if a different chapter might work better this time.

To finish, remember bankruptcy should be a last resort. We're here to guide you through your options and help you make the best choice for your financial future.

You can keep certain assets in Chapter 7 bankruptcy through exemptions. These protect your essential property from liquidation. Key exemptions include:

• Home equity (up to $27,900 federal exemption)
• Vehicle equity (up to $4,450 federal exemption)
• Personal property like clothing, furniture, and appliances (varies by state)
• Tools needed for your job (up to $2,525 federal exemption)
• Some retirement accounts and pensions
• Public benefits like Social Security

State exemptions may offer more protection. For instance, Ohio provides a $136,925 homestead exemption. Most Chapter 7 filers keep all or most possessions by using exemptions wisely.

However, non-exempt assets might be sold to repay creditors. These could include:

• Valuable collections or artwork
• Second homes or vehicles
• Investments outside of retirement accounts
• Expensive jewelry or luxury items

You need to list all assets when filing. A bankruptcy attorney can help determine what you can protect based on federal and state exemptions. They can also advise if Chapter 13 is better for preserving your assets.

To finish, remember that bankruptcy aims to give you a fresh start without leaving you destitute. Most filers keep their essential property and obtain debt relief through this process.

Filing for bankruptcy triggers an automatic stay, which legally stops creditors from contacting you. However, you might still receive calls shortly after filing due to delays in creditors updating their systems. Here's what we advise you to do:

• Tell creditors you've filed for bankruptcy. Give them your case number and filing date.
• Keep a record of any calls, including the creditor's name, date, time, and who you spoke with.
• If calls persist, inform your bankruptcy attorney immediately.

Creditors who knowingly violate the automatic stay can face legal consequences. The court may:

• Order the creditor to pay your attorney fees.
• Require them to compensate you for damages.
• Impose sanctions for contempt of court.

You should remember that:

• Most creditors will stop calling once informed.
• Secured creditors might still contact you about collateral.
• You’re protected by federal law against harassment.

If creditors continue calling after receiving notice, you have options:

• Send a written request to stop contact.
• Take legal action for stay violations.
• Seek court intervention to enforce the automatic stay.

To wrap up, know your rights and use the legal protections available to you. Bankruptcy is meant to give you relief from creditor pressure. Stay firm and proactive in ensuring your peace of mind.

If you file for bankruptcy, your cosigners become fully responsible for the debt. Bankruptcy prevents creditors from collecting from you, but they can still go after your cosigners. This means they must make payments or pay off the loan entirely, and banks can seek repayment from cosigners immediately.

We advise you to:

• Inform your cosigners beforehand to avoid surprises.
• Consider alternatives like consumer proposals to protect them.
• Explore Chapter 13 bankruptcy, which offers more cosigner protection.
• Discuss reaffirmation agreements with creditors in Chapter 7 bankruptcy.

Remember, paying cosigned debts before filing may be seen as preferential treatment. To finish, consult a Licensed Insolvency Trustee to understand your options and minimize the impact on your cosigners. They can help you develop a plan that addresses your financial issues while considering relationships with cosigners.