Frequently Asked Questions
People who are considering bankruptcy have questions and concerns. Usually, they know very little about the process, which can be confusing and hard to understand. That’s why I offer a free consultation. I’m happy to sit down with you and address all your questions and concerns. I’ve been doing this for over 20 years and will make the consultation comfortable and easy while giving you the information you need to make an informed decision on your future.
Will I have to give up all of my assets?
Will I be allowed to file bankruptcy?
What do I have to do to file bankruptcy?
How long does it take to file a bankruptcy?
Getting Credit After Bankruptcy
Are student loans discharged in a bankruptcy proceeding?
- Income: If the debtor is forced to pay off the student loan, the debtor will not be able to maintain a minimum standard of living for himself or herself and his or her dependents;
- Duration: The financial circumstances that satisfy the income test in (1.) will continue for a significant portion of the repayment period; and
- Good Faith: The debtor must have made a good-faith effort to repay the loan prior to the bankruptcy.
What effect does a bankruptcy filing have on the collection of alimony and child support?
Does a bankruptcy discharge eliminate all debts?
- Student loans
- Federal, state, and local taxes
- Child support and spousal maintenance (alimony)
- Government-imposed restitution, fines, or penalties
- Court fees
- Debts resulting from driving while intoxicated
- Debts not dischargeable in a previous bankruptcy because of the debtor’s fraud
- Debts from fraud, including certain debts for luxury goods or services incurred within ninety days before filing and certain cash advances taken within seventy days before filing
- Debts from willful and malicious acts
- Debts from embezzlement, larceny, or breach of fiduciary duty
What types of property are exempt?
- Motor vehicles, up to a certain value
- Reasonably necessary clothing
- Reasonably necessary household goods and furnishings
- Household appliances, up to a certain dollar value
- Jewelry, up to a certain value
- Pensions in a qualified pension program & retirement or retirement plans
- A portion of the equity in the debtor’s home, up to a certain value
- Tools of the debtor’s trade or profession, up to a certain value
- A portion of unpaid but earned wages
- Public benefits, including public assistance (welfare), Social Security, and unemployment compensation, accumulated in a bank account; and
- Damages awarded for personal injury based on bodily injury, up to a certain value.
Will a debtor lose his or her home by filing bankruptcy?
How long is bankruptcy and other credit information included on the debtor’s credit report?
What happens if the debtor’s salary increases after filing a chapter 13 wage earner plan?
What is a reaffirmation agreement?
- Must be voluntary
- Must not place to heavy a burden on you or your family
- Must be in your best interest
- Can be canceled anytime before the Court issues your discharge or within 60 days after the agreement is filed with the Court, whichever gives you the most time.
What is the difference between secured and unsecured debt?
Where can I take my Credit Counseling and Financial Management courses?
Real concern, real help, and the consultation is free.