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Personal Bankruptcy

Will filing a bankruptcy stop a foreclosure on my house?

My car was already repossessed. What can I do?

How will filing affect my credit?

My spouse isn’t on the house/car. Do they still have to file with me?

How long will it be on my credit report?

Will the IRS keep my tax refunds if I file a bankruptcy?

How will this affect the person that co-signed with me?

Can I buy a car while in bankruptcy?

Can I buy a helicopter while in bankruptcy?





Q: Will filing a bankruptcy stop a foreclosure on my house?

Yes, if you have never filed a bankruptcy before  filing either a Chapter 13 or Chapter 7 will effectively stop all collection activities if filed before the Auction date. It is important to discuss with an attorney which chapter of bankruptcy is right for you with your specific situation.  If you have filed a bankruptcy before call us today so we can determine how it will affect your situation specifically. 


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Q: My car was already repossessed. What can I do?

Filing a Chapter 13 will allow you to get your vehicle back if filed within 10 days from the date of the repossession. Sometimes finance companies give you longer to reinstate the loan but once they have auctioned off the car it is too late. Call us today before it is too late!


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Q: How will filing affect my credit?

In most cases your credit score goes UP when you file a bankruptcy. Yes, let that sink in for a second. When we pull your credit report we provide you with a copy. It gives your credit score now and what it would look like 12 months after bankruptcy. Be ready for a shock! 


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Q: My spouse isn’t on the house/car. Do they still have to file with me?

Quick answer is no they do not have to file. If they have any debt that is just their own, then they might want to think about filing also. It doesn’t cost any more or any less for you to file together so you can both clean up all your debt at the same time.  This is discussed at length with our attorney at the consultation so we can advise you on the pros and cons with regards to your specific circumstances.  


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Q: How long will it be on my credit report?

The bankruptcy filing will be in the Public Records search section of your credit report for 8 years. People mistakenly think this stops them from buying a house, or getting new credit cards.  Nothing could be further from the truth. You will get solicitations to buy a new car when you file a bankruptcy!  You will get solicitations from credit card companies the day you discharge a bankruptcy! 

See, bankruptcy really isn’t what you thought it would be!


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Q: Will the IRS keep my tax refunds if I file a bankruptcy?

It depends but typically if you do not owe the IRS, then you will get your refund back as you normally would. 


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Q: How will this affect the person that co-signed with me?

It will not show that they are in bankruptcy. It will however show that account to be included in bankruptcy. Please bring this up at the consultation so we can discuss the affects because it really depends on the type of debt and how it is being treated in the bankruptcy. 


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Q: Can I buy a car while in bankruptcy?

Yes!  You will be surprised to find solicitations and letters from car dealers all over Houston in your mailbox after you file. These companies specialize in financing people that file for bankruptcy. The process is easier than you would think. Be sure to contact your attorney when that time comes so we can walk you through the process. 


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Q: Can I buy a helicopter while in bankruptcy?

That would be frowned upon by the bankruptcy court. It is safe to say that anything that could be considered a “luxury item” is not on the list of acceptable purchases while in bankruptcy. (Helicopters, boats, Hummers…)


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Call Today: 713.344.0997

Vasquez Law Group, PLLC is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.



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701 N. Post Oak Rd., Ste 655 , Houston, TX 77024
| Phone: 713-344-0997

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