April 30, 2014

Wrapping up Bankruptcy FAQs, below are some more answers to commonly asked questions that pop up when people are thinking about filing for bankruptcy. For more specific information pertaining to your case, don’t hesitate to contact Denver Bankruptcy Lawyer Arthur Lindquist-Kleissler.

While these bankruptcy FAQs can be insightful, contact Denver Bankruptcy Lawyer Arthur Lindquist-Kleissler for specific advice about your case.

While these bankruptcy FAQs can be insightful, contact Denver Bankruptcy Lawyer Arthur Lindquist-Kleissler for specific advice about your case.

Q – If I have filed for bankruptcy in the past, can I file again?

A – Whether or not you qualify to file for bankruptcy again will depend on:

  • The specific type of bankruptcy case associated with your past filing
  • How much time has passed since this prior case
  • Whether you paid your debts in full in the prior case (when the prior case is a Chapter 13 case).

In general, people who are filing for bankruptcy for a second time will have to wait:

  • At least 8 years from the date of their prior filing before filing for Chapter 7 again (if their prior case was a Chapter 7 bankruptcy)
  • At least 2 years from the date of their prior filing before filing for Chapter 13 again (if their prior case was a Chapter 13 case).

When filing for a different type of bankruptcy (e.g., filing for Chapter 13 after a previous Chapter 7 case, filing for Chapter 7 after a previous Chapter 13, etc.), the stipulations for when you can legally file again will vary; in such complicated cases, it’s best to work with an experienced attorney like Arthur Lindquist-Kleissler.

Q – Will my credit be ruined forever if I file for bankruptcy?

A – No. While filing for bankruptcy can have some impacts on your credit, the good news is that these impacts will go away within 7 to 10 years of filing for bankruptcy. In other words, within 7 to 10 years of having filed for bankruptcy, there will no longer be a record of this proceeding on a person’s credit report (in general).

Q – How can I repair my credit after bankruptcy?

A – Following a bankruptcy case, there are a number of things that people can do to immediately start repairing their credit. Some of these steps to take include (but are not limited to):

  • Paying down/off any debt that remains after filing for bankruptcy
  • Showing creditors you can be responsible with new lines of credit (by, for example, opening one or two credit cards, not charging a significant amount to these cards, not carrying a balance on these cards from month to month, etc.)
  • Living on a budget to avoid spending more than you can afford to.

Denver Bankruptcy Lawyer at Lindquist-Kleissler & Company, LLC

Are buried in overwhelming debt and ready to learn more about your debt relief options? If so, Denver Bankruptcy Lawyer Arthur Lindquist-Kleissler is ready to meet with you to help you figure out your best options for resolving your financial issues.

For more than three decades, Mr. Lindquist-Kleissler and the other legal professionals at Lindquist-Kleissler & Company, LLC have been providing both individuals and businesses with the highest quality of legal services when it comes to debt relief and bankruptcy. From simple to complex bankruptcy cases, Mr. Lindquist-Kleissler can always be trusted to maximize utilization of Colorado Bankruptcy Law to help each of his clients resolve their case as efficiently and favorably as possible.

Contact Us for a Free Consult

For a free 30-minute consult, contact us by calling (303) 691-9774, or email us using the form on this page. You will pay nothing up front to obtain trusted, professional advice regarding your case and your options.

From our office in Denver, Arthur Lindquist-Kleissler represents clients throughout the Great Denver Metropolitan area and Colorado, including (but not limited to) Aurora and Arapahoe County.

Categories: Bankruptcy, Bankruptcy FAQs, Blog