Making the decision to file bankruptcy is not easy. Getting all the information about bankruptcy and answers to your questions so that you can make an informed decision is very important. Take a look around our Web site and hopefully we have provided you with a comprehensive overview of bankruptcy, its process, benefits and drawbacks.

What is bankruptcy?
Bankruptcy is a procedure under US Federal Law that allows a debtor who owes more money than they can repay to either work out a payment plan to pay a portion (or all) of their debts over time or to eliminate their debts completely.

Will filing for bankruptcy stop the bill collectors from harassing me?
Yes, what is known as an “automatic stay” will take effect when you file your case. It will stop the creditor harassment.

Can filing for bankruptcy stop a wage garnishment?
Yes. The automatic stay will stop a wage garnishment.

How long will bankruptcy remain on my credit report?
Bankruptcy can remain on your credit report for up to ten years.

What does “secured” or “unsecured” debt mean?
Secured debt is debt that allows a creditor to make a claim on an asset such as a house, car or other physical collateral. An unsecured debt is held by creditors that have no claim to your assets such as credit card debt.

What happens if I file and discover another debt after filing?
Your lawyer can amend your case to include any additional debts you may find after the case is filed.

What happens when my wife/husband files without me?
This needs to be discussed carefully with an attorney. Sometimes the spouse that does not file may be held responsible for some of the debts.

Can I be held responsible for a debt that I co-signed?
Yes, you can be held responsible for any debt that you signed or co-signed.

Can all of my debts be discharged?
No, I’m afraid not. There are certain debts such as student loans, government loans, and back taxes that cannot be discharged. Ask your personal bankruptcy attorney for more details on this.

Will I lose my social security payments if I file?
No.

Am I going to lose my personal property if I file bankruptcy?
You can lose some to all of your personal property during a bankruptcy filing, but there are exemptions both at the state and federal levels that can allow you to keep some of your property. Your bankruptcy lawyer can explain if and how these exemptions would apply to you.

Can I choose which debts to put in the bankruptcy?
No. You must include all of your debts.

How long will it be before I get my discharge?
Usually you will receive your Chapter 7 bankruptcy discharge 60 days after the 341 meeting, or the first meeting of creditors. If you file Chapter 13, your discharge will be sent to you once you have completed the payments under your Chapter 13 plan.