Bankruptcy FAQ

Lots of people think they understand bankruptcy, but are flat wrong. Lots of people just don't get the first thing about bankruptcy, and that's ok. Some people repeat old wive's tales like "You get to keep one credit card!" and don't know what to think. This page should lay some of the worn-out myths to rest.

Questions we commonly hear about debt and bankruptcy:

Will I lose my house or car?

Not necessarily. Most people keep their houses, keep their cars, after they file a bankruptcy. Bankruptcy doesn't change your need to pay the debt.

There are many pitfalls regarding car loans and mortgages in a bankruptcy case. Be careful about reaffirming debt, as well as how and where you make the payments.

Can I keep just one credit card? What about my debt to Uncle Max?

No. You must list all of your debts in your bankruptcy. You cannot pick and choose favorites. Of course, you can always pay Uncle Max back later on, if you want to. It might make Thanksgiving dinner a little less awkward.

When will the creditor harassment end?

Once we are halfway retained, please send all phone calls and harassing creditor calls to us. Additionally, you know that we file your case, the calls must stop because of the automatic stay.

How can I possibly afford a bankruptcy lawyer?

We have a flexible payment plan. This allows you to pay us in installments where you choose the frequency, duration and amount of the payments. We are in business to help people who can't afford their debts. There has to be a way for us to pay our office electric bill. The flexible payment plan works for everyone.

Didn't the new bankruptcy law end bankruptcy?

End it? No. Change it? A lot. There are way too many changes to list here, and we have attended full-day seminars that cover most of the headlines. What you need to know is that bankruptcy is still here to help people like you. While it may be harder to wipe it all away for some people, there is still an option to make monthly repayments on your debts. Repayments that you can afford.

Why would I want to make monthly repayments? I'm doing that now with my minimum balances.

Yes, but you are not reducing your debt. You are likely paying interest, and just running in place, treading water, spinning your wheels (you get the picture). In a bankruptcy where you made repayments, those payments would be applied directly reduce the debt.

Can you stop my mortgage foreclosure?

Yes. But we need to act fast. Contact us right now and let's arrange that consultation.

Will I ever get credit again?

Yes, not that you want to or need to. The opportunities to get credit after bankruptcy are numerous. You will have the chance to rebuild your credit and, if done right, even get a mortgage and buy a house after bankruptcy.

Can I file bankruptcy if I have a job or have money in the bank?

Yes. Of course, there are many factors to consider, including the Means Test and determining your average monthly income and disposable monthly income. These are areas where you will want to contact a legal expert.

Do I have to show up in court if I file bankruptcy?

Yes. They will want to ask you some questions if you file chapter 7 bankruptcy or file chapter 13 bankruptcy. The good news is this: if you have hired us, we will prepare you, guide you, be there with you. The same attorney. At no extra charge.

Regardless of your situation, if you're feeling like you are in debt and there is just no way out and no hope, please contact us right now. There is hope. We can help you. You've been struggling with this long enough.

CONTACT THE ATTORNEY RIGHT NOW

 

 

 

 

 

 

What are some of the more common misspellings you see?

Oh geez. Tons. Not that it would interest you, but we see the following all the time: bancruptcy, banruptcy, bancrupcy, bankrupcy, forclosure, car reposession, car repossesion, creditor harrassment, bancruptcy laws, harrassing creditors