Answer:  There are many types of bankruptcy, and our office has extensive experience under all Chapters. Chapter 11 is generally used to reorganize corporations or individuals with substantial assets. Chapter 12 is restricted to reorganizing farm operations. Most individuals either file Chapter 7 or Chapter 13. 

Chapter 13 and Chapter 7 bankruptcy offer different advantages. If you are behind on your mortgage or car loans, Chapter 13 allows you to retain your house and car and catch up on the late payments over time. Tax debts are another reason to file Chapter 13. Under a Chapter 13 plan, you can pay your tax debts, without interest in many cases, over a period of three to five years.

When you are current on your house and car payments and are looking only to discharge credit cards, medical bills, and personal loans, Chapter 7 might be your best option. Our office will review your financial information and recommend the bankruptcy chapter to provide you with the most relief. Our initial consultation is free. We will give you the information you need to decide what is in your and your family’s best interest.

Answer:  In most cases, you will be able to keep your possessions. Each state allows individuals to exempt a certain amount of property. This includes your house, cars, retirement accounts, furniture, electronics, jewelry, tools, pets, etc..  We will discuss the exemption limits with you at your free initial consultation. 

Answer:  No. After you file for bankruptcy, your creditors can no longer contact you. Creditors will be required by law to call me. If creditors violate the automatic stay by contacting you, we will have the option to file suit against the creditor in bankruptcy court. 

Answer:   No. You both do not have to file. When you meet with me, I will advise you on whether a single or joint filing is appropriate, but the final decision will be yours. 

Answer:  Usually not. Bankruptcy filings are rarely published in the newspapers. Case filings are stored on a federal database not accessible to the general public. We take confidentiality and privacy very seriously. 

Answer:  Yes. Our clients often receive offers for auto loans and credit cards immediately after they receive a discharge. You may have to pay a higher interest rate for the first few years until you reestablish your credit. Many of our clients obtain a 700-credit score within two years after filing. Our office will give you tips on how to rebuild your credit.  

Answer:  Student loans are generally not dischargeable. However, our office can help you obtain student loan relief through a Chapter 13 bankruptcy, where we can set the payment amount during your bankruptcy plan. Some clients choose an interest-free repayment plan dependent upon the amount of their student loans. 

Tax debts older than three years quality for discharge, provided that you filed all of your tax returns on time. 

Answer:  If you have an excellent credit score, bankruptcy will lower your credit score for a short period of time. We will provide you with advice on how to raise your credit score. Many of our clients reach a 700-credit score within a few years after filing. 

If your credit score is low, bankruptcy can, in many cases, raise your credit score and help you start rebuilding your credit.