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According to the United States Bankruptcy Code, just about anyone can file. It is still important to hire an attorney, because they will know what the exceptions are, and which chapter you may be limited to file under.
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.
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.
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.
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.
In many cases, filing together would make the most sense and provide you with the best outcome. You can file separately though. Laws differ by state, so it is best to discuss your options with your attorney though to be certain which option will provide the best outcome.
The most widely held misconception of bankruptcy is that you are in a situation where you are losing everything. This is absolutely not the case. During the majority of our clients’ bankruptcy proceedings, they are able to keep all they own. Be wary of making choices based on vast quantities of disinformation about bankruptcy available on the internet these days – it can be very risky. Call us today to schedule a free consultation and learn the truth of it all. If you work with a bankruptcy expert, the process can be much easier than you think.
It certainly would. The first thing filing will do is it will put a halt to all borrower collection activities. It would put an end to incoming phone calls, ongoing litigation, pay garnishments, and even bank taxes. Most, if not all, debts can be discharged in Chapter 7. Chapter 13 bankruptcy will give you time to consolidate your debts and repay any dollar you owe.
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.