To file or not to file

[Denverdog]

We are in nthe process of filing BK. The numbers are very bad , so I won't share here. We are very upside down. The problem is we can't seem to get consistent information. Our lawyer says one thing , the BK forum post another. Our attorney comes highly recommended but is very clinical about the process. We are hoping we might get some answers here.
1) How does BK effect job prospects. While I am aware that one cannot legally, unless in a secure position or possibly financial services position, be disqualified for employment as a result of BK, what is the reality?
2) How difficult is it to rent a home or apartment after filing and foreclosing?
3)How long does the process take? We have been told 90 days.
4) How long before we can expect to get credit, either mortgage or credit cards?
5)What other surprises might we expect?
We are pushed to this by unemployment and diminishing income. We have made all the classic mistakes.. We are resetting our financial priorities and changing the way we spend. This is life changing.
We are trying to get a handle on this so we can plan next steps once we file.
Any jhelp and comments are appreciated.

[JimKutkowski]

1) How does BK effect job prospects. While I am aware that one cannot legally, unless in a secure position or possibly financial services position, be disqualified for employment as a result of BK, what is the reality?

You are correct, but employers cannot discriminate against you on the basis of race either, but they do. Do you really want to work for someone who will look down on you for having financial problems? In this economy, maybe, but I don't think a prospective employer is going to look at you as a risk if you filed bankruptcy, they may look at you as a risk if you have a ton of debt.

2) How difficult is it to rent a home or apartment after filing and foreclosing?

Shouldn't be too tough. You cannot discharge debt for eight years after you get your Chapter 7 discharge, so you are actually a safer risk than other people who are looking for a place.

3)How long does the process take? We have been told 90 days.

Four months in PAED or PAMD, each district is different, I would listen to your lawyer.

4) How long before we can expect to get credit, either mortgage or credit cards?

You used credit to go down this road, are you really in a rush to get credit again? You can probably get a Merrick Bank credit card a few days after you file bankruptcy, but any credit you get is going to be expensive. Generally speaking, it takes three years from the time you file Chapter 7 or 13 bankruptcy to qualify for an FHA conforming mortgage.

5)What other surprises might we expect?
We are pushed to this by unemployment and diminishing income. We have made all the classic mistakes.. We are resetting our financial priorities and changing the way we spend. This is life changing.

You never know what other surprises you might expect, that is why they are called surprises. Ask your attorney (clinical is a good thing) how many cases he or she has filed that did not confirm last year and why, that will give you a good idea what surprises could come your way.

[Denverdog]

What to expect

Jim,
Thanks for your input and guidance.