With a reaffirmation agreement, you agree to pay a debt that you otherwise could have discharged. For example, you have a car loan and you want to keep the car. To do that, you have to reaffirm the car loan and keep making payments – the same is true with a home mortgage loan –…
What is an exemption?
An exemption is a privilege or an allowance which allows you to retain certain amounts of property in certain classes including your house (homestead) and personal property including furnishings, jewelry, automobiles, and other property, as well as your 401K or other retirement plan. You don’t lose everything. The exemptions give you your “fresh start.”
If I filed bankruptcy earlier in my life can I file again?
Yes. You can file a Chapter 7 bankruptcy 8 years after your last Chapter 7 discharge or 6 years after your last Chapter 13 discharge. You can file a Chapter 13 bankruptcy 4 years after you have been discharged in a Chapter 7 or 2 years after your previous Chapter 13 discharge.
If I am married do I have to file a joint bankruptcy with my spouse?
No. You can file as an individual. The decision to file individually or jointly is based on your unique circumstances.
How soon after I file for bankruptcy will my creditors and the collection agencies stop calling me?
Immediately upon filing – an automatic stay goes into effect which stops all collection activity including letters, phone calls and law suits – even foreclosure actions and repossessions stop. If a creditor violates the stay, they could be in for some big trouble and may be liable for damage, attorneys fees and costs incurred to…
If I file for bankruptcy, am I a bad person?
Absolutely not! Circumstances beyond your control – job loss, job cut backs, divorce, illness – may have caused your financial disaster. You do not have to live your life in debtor misery getting harassed by creditors and dodging garnishments. The bankruptcy law is authorized by the Constitution and its whole purpose is to allow you…
Does my bankruptcy become public knowledge?
No. Nobody learns about your bankruptcy unless you tell them. Your bankruptcy filing is part of the public record, but someone would have to know how to access the federal database to see your information.