Bankruptcy Law

It depends on the specifics of your case, but most of the time you can keep your home. If there is no or very little equity in the house (the value of the home minus the mortgage) you most likely will be able to keep your home. If you are facing a foreclosure on your house, a Chapter 13 bankruptcy has the potential to halt the foreclosure and save your home to allow past due mortgage payments to be paid over time.

Most people who file bankruptcy will not lose their house hold property, cell phones, etc… The main goal for bankruptcy is to get rid of your debts and give you a “fresh start”.So that you can start fresh, there are a number of standard exemptions as to the value of property you can keep, and most people own property under these assigned values. We will analyze your specific situation to determine if you will lose anything prior to filing your case.

Bankruptcy stays on your credit report for up to 10 years.  But after your case is over, and the credit you obtain is used wisely by paying the debt on time you can rapidly improve your credit rating.  By filing bankruptcy and discharging you debt, your debt-to-income ratio improves which is a major factor that is used to determine your ability to obtain credit.

Yes.  You have to list everything even if you don’t think it is important.  We work with our clients to make it simple to account for all property you own and make sure it is listed on your bankruptcy paperwork.  Failure to list all of your property could make you subject to being denied a discharge of your debts.

You have to list all debt that you owe.  But if you have a credit card with absolutely no balance, you do not have to list that specific credit card in the bankruptcy.  Some credit card companies will allow you to keep your account and use the card after your bankruptcy, however some companies will close your account once they see you filed bankruptcy.  It is purely up to the individual company.

Eight years from the date of filing

No.  As long as you used due diligence to list all known creditors and the debt existed at the time of filing then it will be discharged with the rest of your debt.

Yes, but your spouse will still be liable for any joint debts. If you file together you will be able to double your exemptions. In some cases where only one spouse has debts, or one spouse has debts that are not dischargeable then it might be advisable to have only one spouse file. If the spouses have joint debts, the fact that one spouse discharged the debt may show on the other spouses credit report.

Once a creditor or bill collector becomes aware of a filing for bankruptcy protection, it must immediately stop all collection efforts. After you file the bankruptcy petition, the court mails a notice to all the creditors listed in your bankruptcy schedules. This usually takes a couple of weeks. Creditors will also stop calling if you inform them that you filed the bankruptcy petition, and supply them with your case number. In some cases, you or your attorney should contact the creditor immediately upon filing the bankruptcy petition, especially if a lawsuit is pending. If a creditor continues to use collection tactics once informed of the bankruptcy they may be liable for court sanctions and attorney fees for this conduct.

Yes, with some exceptions. Bankruptcy will not normally wipe out: (1) money owed for child support or alimony, fines, and some taxes;(2) debts not listed on your bankruptcy petition;(3) loans you got by knowingly giving false information to a creditor, who reasonably relied on it in making you the loan;(4) debts resulting from “willful and malicious” harm;(5) student loans owed to a school or government body, except if:– the court decides that payment would be an undue hardship;(6) most taxes.

The garnishment will not stop until your bankruptcy case has been filed with the court.