Helpful Bankruptcy FAQs

 Bankruptcy is an option provided by federal law when you need forgiveness of your bills or discharge of your debts. Most, if not all, personal property and belongings are retained.

If you're struggling with your debt, bankruptcy might allow you to keep your home, car, and assets while eliminating your debt. Bankruptcy can stop foreclosures, repossessions, and garnishments to give you an opportunity to catch up.

You will need to provide us with accurate information regarding your assets, income, and debts. If you fail to report correct information, your case could be dismissed, or you may not have all your debts removed. We will guide you through the process and will help you find a solution to your financial difficulties.

You should not pay back money owed to friends or family before filing for bankruptcy. If you do, it might give the bankruptcy trustee the right to claw back that payment as what is known as a preference. You also should not transfer away things that you think you may lose in bankruptcy without first speaking with an experienced bankruptcy attorney. Oftentimes it can be worked out that they may be kept.

There is no formal floor or ceiling of debt that people must or can have to file for bankruptcy. Unfortunately, according to The Balance, an American Journal of Public Health study reported that 66.5% of all bankruptcies were tied to medical issues. This includes medical debt itself in addition to the loss of income/wages from time off work. Each case is different. It is best to discuss it with a bankruptcy lawyer for more information on your specific circumstances.

Usually, people do not lose their houses or cars when they file for bankruptcy. The exemptions are fairly lenient to allow them to be kept. You must, however, continue to make payments if there is a loan against them. Call us today to speak with a bankruptcy attorney.

That is not a good idea and invites a creditor to challenge the bankruptcy. We strongly recommend speaking with a bankruptcy lawyer to go over your next steps in the process.

It depends, exemptions are fairly liberal. If you have an expensive house with a lot of equity, that can be protected along with your household goods, but you may not be able to protect cash, tax refunds, or toys like boats and 4 wheelers. If you don't have a house or have much equity in it, the possibility of keeping those items increases. The best thing to do is call an experienced bankruptcy attorney for advice.