Under the United States Bankruptcy Code, almost anyone can file for bankruptcy. There are a few exceptions, and your specific case may limit you to a specific chapter you can file under. That is why it is important to speak with an attorney.
FAQ Category: File Bankruptcy
Does my spouse have to file with me?
No. If you and your spouse wish to file for bankruptcy separately, you may; however, there are some situations in which joint filing may yield better results than single-filing status. You and your attorney can discuss your options.
Will I lose my home or car?
Not necessarily, and in fact, bankruptcy may be able to save your home from foreclosure. Chapter 13 bankruptcy may provide a bit more protection from foreclosure than other options, but under some Chapter 7 circumstances, you can save your home or car as well.
Can bankruptcy stop creditor harassment?
Yes! If you are constantly being pestered by creditors and collectors looking to obtain money from you, filing for bankruptcy can stop them. When you file, an automatic stay will be placed on your accounts, which means that all collection attempts will be forced to cease.
What will happen to my credit?
Depending on the chapter that you file under, your credit score will reflect the bankruptcy for a few years. After you file though, you can begin to rebuild your credit almost immediately. An attorney from our team can help you understand your specific credit situation.
Should I work with a credit repair company?
It is recommended that you first speak with an attorney about your financial situation before working with a credit repair company. Credit repair companies are notorious for being fraudulent, and scams abound in this industry. Bankruptcy may be a better option for you.
How do I know which chapter to file under?
Consumers have a few different options when it comes to filing for bankruptcy. When you work with our firm, we will help you determine your eligibility to file for Chapter 7, Chapter 13, or Chapter 11 bankruptcy using a bankruptcy means test.
What debts will be discharged?
Debts can be discharged when you file for bankruptcy and depending on the chapter you filed under, your debts will either be automatically discharged or discharged later down the road. Non-secured debts such as credit card debt, medical debt, and certain types of loans may be discharged.
What cannot be discharged by bankruptcy?
A few types of debts cannot be discharged by filing for bankruptcy. These are called secured debts and include court-ordered restitution, child or spousal support, student loans, and federal loans.
How do I know if bankruptcy is right for me?
If you are burdened by debt that is quickly adding up, bankruptcy may be a good option for you. Most individuals who file are no longer able to make even minimal payments against their debt and are in desperate need of assistance. An attorney from our team can help determine if you are eligible. There are a variety of debt-related solutions available, some of which require bankruptcy and others which do not. If you’re unsure whether or not bankruptcy is right for you, we can explore at all of your options with you. Our experienced attorneys will provide you with a free in-depth consultation with one of our experienced attorneys who has supported thousands of people much like you. You have nothing to lose by scheduling your consultation to find out if it’s the right option for you.