By Glenn A. Brown, DMD, MBA on December 9, 2008
This is not always true. If you work hard and rebuild your credit and FICO score, you can qualify for a new loan in the future. Chapter 7 will be reflected on your credit report for 10 years.
Posted in Bankruptcy Myths | Tagged Bankruptcy Myths, Chapter 7 bankruptcy, filing for bankruptcy, philadelphia pennsylvania, wilmington delaware
By Glenn A. Brown, DMD, MBA on December 9, 2008
“My neighbor filed for Chapter 7 bankruptcy and was approved. I’m sure I will be approved, too.”
This statement is false. In order to qualify for Chapter 7 bankruptcy, every debtor must undergo a “means test.” The means test will compare your family’s median income to that of other families in your state. If your [...]
Posted in Bankruptcy Myths | Tagged Bankruptcy Myths, Chapter 7 bankruptcy, filing for bankruptcy, means test, philadelphia pennsylvania, wilmington delaware
By Glenn A. Brown, DMD, MBA on December 9, 2008
This statement is totally subjective. Chapter 7 bankruptcy is likely the most widely used of all bankruptcy options. With that said, this does not necessarily mean that Chapter 7 is the best option for you. Whether or not Chapter 7 is ideal for you depends, in large part, on your personal debt and assets. It [...]
Posted in Bankruptcy Myths | Tagged Bankruptcy Myths, Chapter 7 bankruptcy, filing for bankruptcy, philadelphia pennsylvania, wilmington delaware