FREQUENTLY ASKED QUESTIONS
Below you will find answers to the more typical consumer bankruptcy questions. Remember, each person’s situation is different. It is advisable to seek an experienced bankruptcy attorney about your specific situation. If you would like a free consultation to discuss your options, please call 503-352-3690.
Filing eliminates most, if not all of your debts, thereby reducing your debt-to-income ratio, potentially improving your ability to borrow money in the future. Some financial institutions actively solicit business from people who have filed. Lenders are in business to make money by lending you money and charging you interest. Lenders know that once you have filed, you will not be able to file again for a specific period of time (generally 4-8 years).
Many once bankrupt debtors purchase cars immediately upon receiving their discharge orders. Many lenders now have programs that provide for post-bankruptcy borrows to obtain home financing within a year or two after a discharge. Many of our clients even receive solicitations for unsecured credit cards almost immediately upon receiving their discharge. Pacific Bankruptcy just wants to advise you to be careful not to get back into the credit card “trap”.