FAQ Category: File Bankruptcy

No! Bankruptcy is a great financial tool to use in the right circumstances! There once was a time when bankruptcy had a negative stigma and debtors’ names were printed in local newspapers, but this is not the case anymore. Bankruptcy can actually greatly benefit an individual and provide much-needed relief from debts, collection attempts, and foreclosure.

You should never try to face the bankruptcy courts alone. The federal and state laws regarding bankruptcy can be confusing, and it is always important that you first speak with an attorney about your situation. At The Bankruptcy Law Firm, we can address your situation and work with you to develop a personalized strategy to help you meet your financial goals.

Most of the time, it will only be your creditors and whoever you decide to tell that will know that you filed for bankruptcy. Bankruptcy is a matter of public record, but the amount of people filing is large. This means that if someone isn’t looking specifically for you, then they likely won’t know that you’ve filed.

You want to make sure that you choose the right lawyer when it comes to resolving financial debts. The bankruptcy process is complex, and you will want an attorney who specializes in bankruptcy. Someone who is experienced in the laws and procedures. We are board certified bankruptcy specialists and we have successfully represented thousands of individuals and companies in bankruptcy.

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.

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.

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.

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.

Secured debts cannot be discharged by filing bankruptcy. These debts include child or spousal support, some student loans, most taxes, and federal loans.

There are two very common types of bankruptcy that individuals file, Chapter 7 and Chapter 13. Chapter 7 is commonly known as the “fresh start” chapter, because that’s its main purpose – to provide people with a fresh start. This is the most common type of bankruptcy that is filed. It gets rid of most, if not all, of the filer’s unsecured debts. Chapter 13 bankruptcy is an option that creates a 3 to 5-year repayment plan that is commonly filed when an individual doesn’t qualify for Chapter 7. It would benefit you greatly to consult with an experienced attorney to decide whether you should file for Chapter 7 or Chapter 13 bankruptcy. Once we meet, we can explain all of your options to you, because everyone’s situations are different.