BANKRUPTCY -- FREQUENTLY ASKED QUESTIONS


IS THERE A MINIMUM AMOUNT OF DEBT REQUIRED TO FILE BANKRUPTCY
No. If you only have one creditor you can still file bankruptcy. Also there is no set limit on what your monthly income can be to file bankruptcy.

WHAT KINDS OF PROPERTY CAN I KEEP? WILL I LOSE MY HOUSE?
There is no simple answer as to this without actually talking to an attorney who is well versed in bankruptcy law. This is because everyone's situation is different. This is the reason we ask you to call and come for your FREE, first appointment. It allows us to better understand your situtation and be able to explain how bankruptcy will work for you and the property you can keep.

CAN I STOP CREDITORS' PHONE CALLS?
Yes. Creditors are not allowed to contact you after your bankruptcy is filed with the court.

A CREDITOR SAID I COULDN'T FILE BANKRUPTCY, IS THIS TRUE?
You should not get your legal advice from someone who is demanding money from you. They are only interested in collecting their money, not about what may be best for you.

I KNOW SOMEONE WHO FILED BANKRUPTCY, WILL BANKRUPTCY WORK EXACTLY THE SAME FOR ME?
Probably not. It may be similar but every person's financial situation is different and bankruptcy law is complicated and often changing. Although friends and family may have your best interests at heart when giving you advice about bankruptcy, you should determine whether or not bankruptcy is for you after speaking with an attorney.

WILL I BE ABLE TO GET CREDIT AFTER FILING BANKRUPTCY?
Many former clients have told us that they received offers for credit soon after their bankruptcy has ended. Chances are if you are thinking about bankruptcy your credit is already suffering and will continue to do so. By filing bankruptcy you get rid of your debt and begin to build credit rather than continue to struggle with paying bills and getting further behind.

HOW LONG DOES THE BANKRUPTCY APPEAR ON MY CREDIT REPORT?
Approximately 7 to 10 years.

SHOULD I TRY A DEBT CONSOLIDATION PROGRAM FIRST?
Many of our bankruptcy clients tried debt consolidation and it did not work for them. Private debt consolidation services often pay their own fees before paying your creditors resulting in you getting further behind. If you want to and believe you can afford to make payments on your debts, then Chapter 13 may be of help to you. Find out more about Chapter 13.

HOW OFTEN CAN A CHAPTER 7 BANKRUPTCY BE FILED?

If you have previously filed Chapter 7 bankruptcy, you must wait six years from the date it was filed.

WHAT IF I FILED CHAPTER 7 LESS THAN SIX YEARS AGO BUT I HAVE SERIOUS DEBT?
You can file a Chapter 13 bankruptcy. Unlike Chapter 7, there is no time requirement on how often you can file a Chapter 13. If you are in a Chapter 13, you can convert to a Chapter 7 as soon as you become eligible. Find out more about Chapter 13.

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