What debt can be discharged if I file Chapter 7 Bankrupty?
Generally, all unsecured debt can be wiped out (discharged) in Chapter 7. Debts that may not be discharged include most taxes…
Chapter 7 Basics
Will I lose my house or car if I file for bankrupty relief?
In most cases filing bankruptcy will not cause you to lose your home, car or other assets…
What is Chapter 7 bankrupty and what’s different from Chapter 13?
Typically, an individual who is eligible for bankruptcy relief will proceed either under Chapter 7 or Chapter 13. Chapter 7 relief is intended for individuals and small businesses who have very little in the way of equity in their assets and little if any disposable income, i.e. people who live from paycheck to paycheck. Chapter … Read more
If my house has a judgment lien, will I lose my home in bankruptcy?
Any time a creditor obtains a judgment, it can become a lien on your home. Once it becomes a lien, the judgment is secured by the equity in your home…
Can I file for Bankruptcy myself without a lawyer?
There is no law stating that you need to have a lawyer represent you in bankruptcy…
Should my spouse also file for bankrupty?
Whether both spouses should file for bankruptcy relief depends on several factors, most importantly how much debt the other spouse has…
Should I withdraw and spend my IRA or 401(k) before I file for bankruptcy?
In most cases that is the worst thing you can do! Retirement funds enjoy a special exemption in bankruptcy…
Will bankruptcy stop creditor harassment?
Yes. As soon as your case is filed, an automatic stay goes into effect and creditors are not allowed to contact you at all or continue with any legal proceedings…
Should I get caught up on my mortgage first or wipe out my credit card debt?
It is not unusual to be caught between a rock and a hard place. Chapter 7 is designed to wipe out unsecured debt…