When you are already struggling to pay your bills, having your paycheck garnished is a killer. Instantly you might not have enough money to pay your utilities, car payment, mortgage or even buy groceries or medicine. Filing for bankruptcy will …
Do I need an attorney to file bankruptcy?
Federal law does not require you to have an attorney. You can file for yourself, referred to as filing “pro se”. However, without the assistance of an attorney, it is extremely difficult to complete a bankruptcy successfully. You would be …
I am married. Does my spouse also have to file bankruptcy with me?
No, sometimes only one files, but if you have joint debt and your spouse does not file then they will be responsible for the debt once you file. Many times when there is joint debt it just makes sense for …
How do I know which bankruptcy chapter is best for me? Chapter 7 or Chapter 13?
This is best answered by your attorney. The type depends on your circumstances, income, debts, status of those debts and if you have assets available to repay all or part of the these debts. Most people file Chapter 7, which …
How do I know if I should file for bankruptcy?
If you’re asking this question odds are you should file. A good gauge is if you have more month than money. If you can’t pay your bills and are falling further and further behind you should file. The most common …
Who Can File For Bankruptcy?
Generally, anyone can file for bankruptcy. However, not everyone qualifies to file bankruptcy. In order to be eligible you must meet certain criteria. Your income cannot be over a certain amount, there are limits on the time between previous bankruptcy …
What is reorganization bankruptcy?
Chapter 13 is the most common reorganization bankruptcy for consumers. Chapter 13 bankruptcies are repayment plans. These plans are typically used to help catch up home or vehicle payments over a period of time, but not exclusively. Chapter 13 bankruptcies …
What is a liquidation bankruptcy?
Chapter 7 bankruptcy is a liquidation bankruptcy. A Chapter 7 bankruptcy is a straight wipe out of all of your debt, with a few exclusions thrown in. Chapter 7 bankruptcies may be filed by an individual, a husband and wife …
What is bankruptcy?
Bankruptcy is a federal court process designed to help consumers and businesses eliminate their debts, or repay them, under the protection of the bankruptcy court. Bankruptcies can generally be described as “liquidation” (Chapter 7) or “reorganization” (Chapter 13).