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Who can file for bankruptcy?
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.
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.