No. You can file as an individual. The decision to file individually or jointly is based on your unique circumstances.
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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 enforce the stay.
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 to get a fresh start and start enjoying life again.
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.
Will I ever get credit again if I file for bankruptcy?
Yes. Your credit score will improve dramatically 2 to 3 years after you file and you will be able to finance the purchase of a car and a house.
Will I lose everything if I file for bankruptcy?
No. The purpose behind the bankruptcy law is to give you a “fresh start.” The exemption provisions of the law allow you to keep your house, your car, your personal possessions and your 401(k) or other retirement plan.
Doesn’t the new law prevent me from filing bankruptcy?
No. You can still file bankruptcy under the new law. The new law imposes some additional requirements including credit counseling and a financial management course. The new law also requires you to complete a means test if you make more than the median income. If you make too much money, you may have to file a Chapter 13 rather than a Chapter 7.