With informed planning and knowledge, it is very likely that you will rebuild your credit, even with a bankruptcy on your credit history. Although it may be difficult to get credit during the first year, or initially you may pay a higher interest rate, it won’t be long until you start increasing your credit score on a solid financial foundation and post-bankruptcy payment history. More on How to Rebuild Credit After Bankruptcy.
If you file for Chapter 13 Bankruptcy, you will keep all of your free-and-clear property, which only infrequently will be relevant to the minimum payment amount and you will keep all of your secured property, subject to rare exceptions. If you file for Chapter 7 Bankruptcy, secured property, such as a house with a mortgage or a car with a lien, are not surrendered, unless that is what you choose to do. Some very limited kinds of free-and-clear property may have to be purchased back from the Chapter 7 trustee. Most free-and-clear property is protected from buy-back or turn over because it is “exempt.” With non-exempt, free-and-clear property, such as a firearm, the buy-back amount is usually quite modest and manageable. George L. Arnold, as a skilled Wyoming bankruptcy attorney, will review with you the extent of your non-exempt property, if any, and ways for you to lawfully keep all of your assets or reduce the amount that you must buy back.
Many good, honest, hard-working people have filed for bankruptcy. Just because you have fallen on hard times does not make you a loser or a deadbeat. There are a number of valid reasons as to why even the most responsible people fall behind on their payments and suddenly find themselves struggling with debt. If you are facing overwhelming debt, you should not be ashamed or embarrassed, but rather take this opportunity to get a handle on your financial situation so you can move forward towards a future with financial stability and peace of mind.
Unless your wages are being garnished, we will not notify your employer about your bankruptcy. Although Wyoming bankruptcy cases are public records, it is very unlikely anyone will find out. If your employer is notified to stop a wage garnishment, the employer cannot fire you, demote you or take retaliatory action without risking a violation of the wrongful termination laws. In filing over 2,000 bankruptcy cases, the bankruptcy law firm of George L. Arnold has never witnessed an adverse impact on employment caused by a bankruptcy filing.
If you are worried about people finding out that you filed for bankruptcy, remember that the bankruptcy court will not contact anyone, including your employer. Unless someone conducts a background check, it is very unlikely anyone will find out unless you tell them.