Bankruptcy

It won’t. Your bankruptcy typically will not affect your spouse’s credit unless your spouse files with you. Married couples are not required to file a bankruptcy together but may choose to do so.

No. Married couples are not required to file a bankruptcy together but may choose to do so if it is in their best interest.

Yes. In both a Chapter 7 and Chapter 13 bankruptcy you are able to keep your entire retirement as it is exempt property under the bankruptcy code.

Yes. You are required to continue making the payments on your home and car loans if you are intending on keeping them. In other words, you don’t get a free house or car when you file for bankruptcy.

A Chapter 7 bankruptcy can save your house or car by possibly discharging your other debt so that you are able to focus on making your house or car payments. Then you will not have to worry about making monthly payments to your other creditors. It can also help you to obtain loan modifications to lower your monthly payment for the house or car. A Chapter 13 bankruptcy can save your house or car by consolidating your debt and creating a payment plan in which your house and car payments will be made before any money is distributed to your creditors. At the end of the plan, your additional unsecured debt will be discharged, and you will no longer be liable for it. A bankruptcy can also help you to obtain loan modifications to lower your monthly payment for the house or car.

Yes. In both a Chapter 7 and a Chapter 13 bankruptcy you are able to keep your house and car as they are exempt property under the bankruptcy code. However, if you have multiple homes or multiple cars, it is possible that you will not be able to keep all of them depending on the situation.

No. Filing bankruptcy is really easy to do with the assistance of an experienced attorney. The hardest part for you will likely be gathering all of the documentation that we request and even that is pretty easy!

Yes. A bankruptcy will stop your wages from being garnished or your bank accounts from being levied. If you are experiencing a garnishment or levy, an experienced attorney may be able to get some or all of what was taken back.

• The last two years of tax returns
• 6 months of paystubs
• Bank statements from every account with your name on it

Just because you have filed a bankruptcy before, does not mean that you are unable to file another. There is no limit on how many bankruptcies you can file, but there is a limit on how frequently you can file them.

• If you have previously received a discharge from a Chapter 7 bankruptcy, you can file another Chapter 7 after 8 years (from the date of filing your prior Chapter 7
• If you have previously received a discharge from a Chapter 13 bankruptcy, you can file a Chapter 7 after 6 years.

Even if you do not think you are eligible to file again, schedule a free initial consultation to discuss your options! There are oftentimes many options that could help.