Frequently Asked Questions

Frequently Asked Questions About Bankruptcy

For most people, the bankruptcy process is confusing and stressful.

That's why we've put together this short list of frequently asked questions, to help those first beginning their legal journey through bankruptcy.

If you have additional questions about your legal situation, please do not hesitate to contact us by using the form on this page, or by calling 866-LAW-FIRM (529-3476). We look forward to serving you.

  • What is the biggest mistake people make in bankruptcy?
    • Simply put, people wait too long before seeking legal help with bankruptcy. If you are in financial trouble, call today: 866-LAW-FIRM (529-3476). It just may turn out that the news is better than you think – your situation may be less difficult than anticipated. You may even discover that you don't need legal representation at this time. Don't wait – find out today.
  • When should I call?
    • It's never too early to become an educated consumer. If you look ahead with your financial condition and you see that if things don't change for the better you will need help …call. When you call a competent and ethical law firm, they will tell you if the timing is now or if there are other options you can take or if you have some time on your hands to get things worked out without the intervention of a law firm, but we cannot stress enough, the sooner you know, the better you are. Some indication you should call right now:
      • You have been sued or served legal documents.
      • You are receiving phone calls from debt collection agencies.
      • Your relatives or neighbors are receiving phone calls from debt collectors about you.
      • You are one year in arrears on your property taxes.
      • You fear your car will be repossessed.
  • What are my options?
    • Your options to a large degree depend on what stage you are at with your finances. If for example you have just lost your job, you have not yet missed any payments, you have many options and plenty of time. (if this is your circumstance, the only action required is to learn your rights and plan for the immediate future). Unfortunately we receive calls from people that have already been sued and the court date is looming. If this is your situation, we urge you to call right now, we urge you to seek legal help.
  • When should I file?
    • Contrary to what some will tell you, bankruptcy is not the only option. Your circumstances may be that a different route is better suited for you. We can make that recommendation once we have the facts of your financial and other conditions. There can however be a timing issue with bankruptcy that comes into play with your case, again, once we have a clear picture of your circumstances we would be in a better position to make offer legal advice.   Unfortunately, people tend to delay in calling about this type of problem, so many times time becomes of the essence and filing may be required immediately. Again, the more you know and the sooner you know it, the better the position you will be in.
  • What are the types of bankruptcy?
    • As a very broad overview, there are usually two types of bankruptcy filings that the vast majority of consumers can avail themselves.

      Chapter 7 Bankruptcy This is where most, if not all of your debts are discharged and you have a clean start on your financial life. There are certain criteria you have to meet, such as you must pass what is called the “means test”, which determines if you qualify as well as a few other conditions you must meet. Most likely we can tell you if you qualify in one phone call.   Common Questions:

      • Can I keep my car? In almost all cases the answer is yes.
      • Can I keep my house? In many cases, the answer can be yes.
      • Will the bill collectors stop calling? Yes! Filing stops all collection calls.
    • Chapter 13 Bankruptcy Filing a Chapter 13 bankruptcy is the restructuring of your debt. Your ability to repay is determined by the court, you make your normal mortgage/car payments (secured debts) and the excess debt (unsecured debt) is paid to the trustee for disbursement to the creditors.   What are the benefits to filing for bankruptcy? If you find yourself in a financial position that you can turn around, bankruptcy may be your best option. Some of the immediate benefits are 

      • Stop wage garnishments
      • Stop all harassing phone calls
      • Stop any foreclosure or Sheriffs Sales
      • Stop any repossessions or property loss
  • Who should seek bankruptcy protection?
    • While bankruptcy is an option that many can and should exercise, it is not for everyone. A quick revue of your financial condition will usually allow us to offer an opinion if you should file for protection. If filing for bankruptcy is a good option for you, we will tell you, if it is not, we will tell you that as well. There is no fee for case evaluation.


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