ANSWERS
1. How much
does a bankruptcy cost?
Each case is different and during our
free consultation, we will discuss the
fees.
2.
Can I keep my vehicles if
I file bankruptcy?
Yes. If you are behind on payments a
bankruptcy will allow you to keep the
vehicles and reorganize your payments.
3.
What is a reaffirmation
agreement?
A reaffirmation
agreement is a new agreement to pay the
debt. Oftentimes, clients like to do
reaffirmations on vehicles, saving money
by paying back what the vehicle is worth
as opposed to what is owed.
4. What can I expect at
bankruptcy court?
The bankruptcy process is quite
informal. You will be asked a series of
yes or no questions verifying that the
information you have provided is
correct. It will take approximately 10
to 15 minutes for your hearing.
5. If I’m
married and want to file,
does my spouse have to file too?
No. Married people can file without the
other spouse.
6. How does a bankruptcy affect
my credit?
Not as badly as you may think.
Typically, by the time people are
considering bankruptcy, they have fallen
behind on their bills. The bankruptcy
will allow you to discharge your debts,
which will improve your debt to income
ratio. This can improve your credit in
the long term.
7. Can taxes
be discharged in bankruptcy?
Sometimes. There are several
qualifications to discharge taxes. Taxes
would have to be at least 3 years old
and filed in order to be discharged.
8.
How are co-signers affected
by my bankruptcy filing?
Co-signers would be obligated to pay the
balance on the debts to which they were
co-signed. If at a later date, you want
to pay these yourself you can do that,
however, your obligation to pay them is
relieved.
9.
Can I include lawsuits and
judgments in my bankruptcy filing?
Yes you can. Lawsuits and judgments from
the credit cards or past due medical
bills are dischargeable in a chapter 7
or a chapter 13.
10.
What can I do if creditors
are harassing me?
Once retained, you can forward all of
your creditor calls to our office. Some
may still contact you, but we will let
them know you are represented by
counsel, and they should cease all
contact with you.
11.
How soon after filing a
bankruptcy can I get approved for a
home/vehicle loan?
I have had clients approved for vehicles
within months of their discharge. There
are several lenders who will approve
home loans days after discharge.
12.
How long will a bankruptcy
stay on my credit?
10 years, though you will be able to get
approval for credit soon after a
discharge. I recommend this to re-build
your credit.
13.
Will bankruptcy discharge
my student loans?
With rare
exceptions, student loans are
non-dischargeable.
14. What kinds of debts are
non-dischargeable?
Student loans, certain types of taxes,
debts for fraud are a few of the debts
that are non-dischargeable in
bankruptcy. Also debts incurred for
intentional torts, such as assault and
battery. This list is not exhaustive,
but just a few examples.
15. Can you stop a wage
garnishment by filing a bankruptcy?
Yes. It is one of the most popular
reasons for filing a chapter 7
bankruptcy. You can also stop a
repossession or foreclosure through a
bankruptcy.
16. What should I bring for my
initial consultation?
Please bring an accurate pay stub, your
2 most recent tax returns, your driver’s
license or ID card and social security
card. If possible, bring a credit report
or we can obtain one for you.
17. How
quickly can a foreclosure be
stopped?
I have stopped foreclosures within 1
hour of the consultation, though I do
not recommend waiting until that time.
In the case of foreclosures and
garnishments, time is of the essence and
it is important to come for your free
consultation as soon as possible.
