FAQs About Bankruptcy And Your Assets
Can I Keep My Car And My House?
Yes. In Chapter 7 and Chapter 13 bankruptcy you will be responsible to continue making your mortgage payments on a monthly basis.
What Property Can I Keep If I File Bankruptcy?
This is a question that will require your attorney to evaluate your financial situation to give an exact answer. However, most clients in Chapter 7 and Chapter 13 keep all of their property.
Will Bankruptcy Stop Creditor Harassment?
Yes. In most instances, the filing of a bankruptcy petition places an automatic stop to all collection activity of all creditors.
Can I Keep My Retirement Accounts?
Generally, yes. Qualified retirement plans such as 401(k), pension, IRA and Keogh plans are exempt property under the Bankruptcy Code.
What Can I Purchase Or Own After Bankruptcy?
There are no restrictions on property ownership after bankruptcy. Prior to your bankruptcy, your attorney will review your assets to ensure that your assets are exempt under the Bankruptcy Code. It is important to have an experienced and trusted attorney review your assets prior to a bankruptcy filing. Our firm offers free consultations regarding bankruptcy and debt relief.
I Owe Money Because Of A Repossession. Can Bankruptcy Discharge This Debt?
Yes. The money that you now owe your creditor is called a deficiency. If you qualify for a discharge under the Bankruptcy Code, most likely any amount owed on the deficiency will be discharged as well.
How Much Will This Cost?
We offer reasonable legal fees and payment plans to all of our debt relief and bankruptcy clients. Our team can provide an estimated cost, in your individual case, upon request or after a consultation by phone, email or in person.
My Utilities Have Been Or Will Be Shut Off. Can Bankruptcy Help?
Yes, the filing of a bankruptcy petition can stop the utility from being shut off. The utility company may require a deposit after a bankruptcy filing.
Can I File Bankruptcy Before, During Or After A Divorce?
Yes. Planning your bankruptcy alongside a significant life event, such as a divorce, requires an experienced bankruptcy attorney. Our firm is unique in that we have both divorce and bankruptcy attorneys. Therefore, we are familiar with the complicated issues that arise with debt and divorce. We can provide a free consultation and offer a personalized debt plan to maximize the assets you receive in the divorce and minimize the debt you are required to repay.
Can One Spouse File For Bankruptcy?
Yes. You will want to talk with an experienced bankruptcy attorney to determine whether an individual or joint filing best suits your needs.
Can I Stop A Foreclosure Against My Home?
Yes. Filing bankruptcy can stop a foreclosure against your home. The bankruptcy can allow you to repay what is overdue and catch up on your mortgage or attempt a mortgage modification.