How often you can file a bankruptcy depends on a few things: what type of bankruptcy you filed in the past, when you filed your previous bankruptcy, and were you discharged or dismissed from your previous bankruptcy.
The easy answer to the question of whether or not you can convert from one type of bankruptcy to another is: “Yes, most of the time.” Don’t you love those qualifiers? The best way to explain the “most of the time” is to provide examples of when you can and cannot convert a bankruptcy. However, … Read more
Knowing the difference between these two debts can be extremely useful in determining which type of bankruptcy will work best for you. In order to file a Chapter 7 bankruptcy, you must be current on all house and car payments in order to keep them. A Chapter 7 bankruptcy will wipe out any unsecured debt. A Chapter 13 bankruptcy, on the other hand, is what’s known as a repayment plan.
If you are getting ready to file for bankruptcy, you may have heard that you must take a credit counseling course first. Maybe your attorney mentioned it. Maybe you saw it on a form. Either way, you might be wondering what it is and why it is required. The good news is that this course … Read more
These are common questions that many people have about bankruptcy. In an effort to provide you with information we have provided these frequent questions. However, it is important to realize that each state has different rules and these answers are not meant to be legal advice. Contact a bankruptcy attorney to learn more.
We strongly recommend you obtain a credit report to supplement what you already know about your creditors. It is easy to forget about a creditor you owed several years ago that is no longer sending bills to you. And from time to time, a creditor will erroneously apply a charge to your credit that you did not incur. This may happen if the person that made the charge has a similar name or even similar social security number. We have also seen clients be the victim of identity theft. It is extremely important to list all your debts, excluding your ongoing utility bills, on your bankruptcy. Recent laws entitle you to a free credit report annually. This site is listed on the Internal Revenue Service website and will not charge you a fee unless you have received a credit report from this site in the past year.
The court may dismiss your Chapter 13 bankruptcy if you fail to make payments to the Trustee or if your debts exceed your ability to pay. If your bankruptcy is dismissed by the court you will be responsible for all your debts and the creditors may proceed with collection actions against you as well as proceed with foreclosure and/or repossession.
Most personal property such as cash, bank accounts, furniture, clothes, and retirement plans can be protected by exemptions allowed by each state. Most people that file bankruptcy are allowed to keep most, if not all, of their personal property.
These are common questions that many people have about bankruptcy. In an effort to provide you with information we have provided these frequent questions. However, it is important to realize that each state has different rules and these answers are not meant to be legal advice. Contact a bankruptcy attorney to learn more.
You must disclose all of your assets when you file bankruptcy, regardless of whether you file Chapter 7 bankruptcy or Chapter 13 bankruptcy. If you do not disclose all of your assets, they cannot be protected from the bankruptcy court and your creditors.
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