When you file a bankruptcy, you must disclose to the court all of your assets (what you own), all of your debts, and your current income as well as income from previous years. When filing a Chapter 13 bankruptcy, you must also prepare a repayment plan. The repayment plan does not necessarily have to repay […]
The bankruptcy code prohibits utility companies from shutting off or refusing to give you services because you filed bankruptcy. As soon as you file, this prohibition will go into effect. It is similar to the automatic stay that goes into effect when you file your case, but is slightly different. The most important difference is […]
Will filing a bankruptcy affect my credit? Yes, it will. However, if you are behind on your bills, home mortgage, or car payment, your credit is likely already being harmed. In many cases, filing a bankruptcy allows you to start to rebuild your credit. After you receive your discharge, your debts will be significantly reduced, […]
Yes, you can save our home from foreclosure by filing bankruptcy. Immediately upon filing a bankruptcy, a federal law called the Automatic Stay protects you and your property from collection efforts, including foreclosure. Therefore, without the court’s approval, your lender cannot foreclose upon you home once you file bankruptcy. Also, in a Chapter 13 case, […]
A bankruptcy discharge releases the debtor from personal liability for certain debts. After your debts are discharged, you are no longer legally required to pay those discharged debts. The discharge acts as a permanent order of the court that prohibits your creditors from taking any form of collection action against you, including legal process, or […]
It is possible for a single person to file bankruptcy multiple times and receive a discharge each time. However, you must beet certain rules in order to qualify after having previously received a discharge. The rules essentially require a certain waiting period between filing certain types of cases. If you did not receive a discharge […]
A large majority of new bankruptcy cases filed are either a Chapter 7 or a Chapter 13. But how do you chose which one is right for you? The answer depends on many factors, including your income, assets, debts, and your overall goal. Certainly, consultation with your bankruptcy attorney will help you make this decision. […]
In short, the answer to this question is “Yes, but not always.” The long answer depends on many factors. First, the type of bankruptcy you file will have an impact on whether you can keep your car. If you file a Chapter 13 case, you are allowed to keep your car if (1) you pay […]