Q: What is bankruptcy?
A: Bankruptcy is a legal procedure where a debtor can be relieved of repayment of certain obligations.
Q: How long will bankruptcy remain on my credit report?
A: Bankruptcy can remain on your credit from 7 to 10 years.
Q: Will bankruptcy stop all debt collector calls and mail?
A: Yes an "automatic stay" will put an automatic injunction which prevents the debt collector from lawsuits, foreclosure, and wage garnishments once the bankruptcy petition is filed.
Q: Can I loose my home if I file for bankruptcy?
A: Depending upon the certain type of bankruptcy that you file will determine if you loose your home or not. Speak to your attorney to find out which bankruptcy is right for you.
Q: If I file for bankruptcy can I loose my personal property?
A:Exemptions range from state to state. Your attorney will discuss those exemptions with you.
Q: What happens if I decide to file but my spouse does not?
A: This is a matter between you and your attorney. Your spouse may be liable for certain debt.
Q: If I co-signed on a debt am I held responsible?
A: Yes you can be held responsible for a debt that you co-signed on.
Q: Once I file bankruptcy will all my debts be discharged?
A: No. Student loans, back taxes are an example of debt you cannot discharge.
Q: Can I choose which debts that I put onto the
bankruptcy?
A: No. You must provide all of your debts.
Q: How long after I file bankruptcy will I receive a discharge?
A: Chapter 7 - 60 days after 341 meeting (or the first meeting of the creditors).Your
Chapter 13 discharge happens after you have completed the payments under your Chapter 13 plan.