1. What will this do to my credit?
Honestly, it depends. In many cases, if you are already behind your credit is already poor. Bankruptcy may or may not make it worse short term. Long term, all of those balances owed should soon reflect a zero balance and that will help you to improve your credit. There are other steps you can take, such as opening one small card after your bankruptcy and paying off the balance each month.
2. Can I list my utilities?
Yes. In fact, you are legally required to list each and every debt owed when filing for bankruptcy. This is true no matter the size of the debt, your ability to repay the debt, or to whom the debt is owed. However, when listing utilities, you should be aware that the utility companies may require a deposit to continue service. Further, you will be responsible for any debt incurred to the utility company after filing the bankruptcy.
3. I lost my driver’s license for my inability to pay damages form an auto accident? Will filing for bankruptcy help?
Yes, if you lost your licenses because you were unable to pay damages filing for bankruptcy will help. You need to make sure that you list the law suit where the damages were ordered in your schedules. After filing you can get your license back. However, there are some exceptions to this if the damages were caused while you were under the influence. If you questions about this you should speak to an attorney.
4. Will I have to go to court?
In most cases the debtor need only go to the meeting of creditors. This is an informal meeting between the bankruptcy trustee, the debtor, and any creditor that choose to attend. If you have an attorney he or she will attend with you. You will be asked questions about your assets, your debts, and your petition and schedules. There may be other hearings in your case, but you may not need to go. Your attorney can advise you about this.
If you have questions about these issues, or anything else related to bankruptcy, we strongly encourage you to consult with an attorney. Bankruptcy is a complex matter and can substantially affect your rights and responsibilities for years to come. We offer a free, no obligation consultation at a number of locations. Please, feel free to contact a St. Louis Bankruptcy Attorney Today.