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Frequently Asked Questions
What debts may be discharged?
Answer: | Credit Cards, Medical Bills, Some Judgments, Repossession Debt, ISF Checks, Eviction or Broken Lease Debt, Past Due Utilities, Some Taxes. |
Which debts may not be discharged?
Answer: | Student Loans, Alimony, Child Support, most charges within 90 days of filing bankruptcy, failure to neither list nor scheduled a creditor and have that creditor notified of the bankruptcy filing. Judgments for death or personal injury caused by the the debtor's operation of a motor vehicle while the debtor was intoxicated from alcohol, a drug or another substance or Malicious Conduct, Debt incurred under False Pretenses, and some Taxes (income taxes less than 3 years due and owing and trust fund taxes).
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Can I keep my home if I file Chapter 7 Bankruptcy?
Answer: |
Yes, if you are current with your mortgage payments and your real property taxes assessed against your home. If you are not current with those creditors, you will probably need to file under Chapter 13.
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Will I lose my car if I file Chapter 7 Bankruptcy?
Answer: | Not if you are current with your car payments and intend to continue making payments until the car note is paid in full. Whether or not you are current with your car payments, you may want to file Chapter 13 in order to modify your car loan, or to pay the arrearages and continue making future car payments. |
Will I lose any of my Personal Property in Chapter 7?
Answer: | No, with few exceptions. Finance companies sometimes have a security interest in various items of personal property, which were listed on a schedule as collateral when the loan was disbursed. If this is the case, you will be required to continue making payments on the loan in order to keep the pledged (i.e., household goods, TV's, VCR's) personal property. However, it is important to keep in mind that the fair market value of the collateral is generally considerably less than the balance of the loan. Therefore, you may consider filing Chapter 13 in order to modify the loan and lower your monthly payments. Other exception are money-purchase liens, i.e., liens on the purchase of personal property such as seller financing on TV's, stereo, furniture and computers. You may either continue with your monthly payments on such items, return them, or file for a Chapter 13 to pay any arrearages or to modify the financing and lower the monthly payment.
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When will my Creditors Stop Calling?
Answer: | As soon as you file your petition, the automatic stay will legally protect you. The automatic stay will prevent your creditors from calling or writing you.
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What Does it Cost for Me to File?
Answer: | The filing fee for Chapter 7 is $299.00 and this is required up front by the Court, regardless of your legal fees. The amount of your legal fees and payment arrangements for paying my fees are based on the complexity of your case. Reasonable payment plans are available through my office.
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Will I Lose My Retirement Plan?
Answer: | Probably not, to the extent that a stock bonus, pension, profit sharing, annuity, or similar plan is reasonably necessary for the support of the debtor and any dependent of the debtor.
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Will I Lose the Cash Value of My Insurance Policies?
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