Read Through Our Impressive List of FAQs

With some exceptions, any person or business owing money to a creditor can file a bankruptcy petition.

Compile a list of debts from the past and present, as well as a list or schedule of assets and liabilities. You will need to provide my office with certain additional information, such as pay stubs, tax returns, etc.

No. If you are a co-signer with your ex-spouse on a debt, the creditor can require the entire payment of that debt from you, even though the divorce decree assigns the full debt to your ex-spouse. Your divorce decree may address any recourse you may have against your ex-spouse should he or she default on the loan obligations.

Yes. The lender can require the co-signer to make payments on a loan once the principal has declared bankruptcy on the credit. This makes it extremely important when considering co-signing a loan; be ready and able to pay the loan in the event that the principal signer defaults.

No, the debts that cannot be discharged vary slightly between the different chapters of bankruptcy. Generally, the following types of debts cannot be discharged:

• Debts for taxes owed to local, state or federal agencies, unless you meet certain qualifications.
• Debts for money, property or services which were obtained fraudulently.
• Debts owed to a spouse, former spouse, or child, for alimony, maintenance, or support of a spouse or child.
• Debts for most types of educational loans.
• Debts for death or personal injury caused by the debtor's drunk driving or from driving under the influence of drugs.
• Debts incurred after a bankruptcy was filed.

In most cases, assets such as your house, vehicle, furniture, retirement plan, etc., can be protected. However, it is extremely important that we discuss your assets in detail because proper planning can mean the difference between keeping or losing an asset.

You must include all the debts you owe in your petition and schedules. You may decide to keep some debts by ''reaffirming'' the specific debt.

Bankruptcies remain on credit reports anywhere from 7 up to 10 years.

No. Although at your option, you can file an explanation with the credit reporting agencies briefly describing the events resulting in your bankruptcy. If an account is reported inaccurately, you can request the record be updated to reflect the actual situation.

The decision whether to grant you credit in the future is strictly up to the creditor and varies from creditor to creditor. There is no law that prevents anyone from extending credit to you immediately after the filing of a bankruptcy, but creditors aren't required to extend your credit.

Approximately 30 days after you file a bankruptcy, you must attend a short meeting with the bankruptcy trustee who is assigned to your case. Ms. Bules will attend the meeting with you. Although this meeting is called a ''Meeting of creditors," in most cases, there will be no creditors present at the meeting. Ms. Bules will prepare you ahead of time for what to expect at this meeting.

After filing the petition, if you discover that an entry is inaccurate or missing, you may typically file an amendment to correct it.

As soon as you anticipate or even consider filing bankruptcy, stop using your credit cards! Bankruptcy law allows creditors to review questionable purchases for potential fraud.

Reaffirming a debt is voluntary as it isn't required by bankruptcy codes. You may voluntarily repay any debt instead of signing a reaffirmation agreement, but there may be other reasons for wanting to reaffirm a specific debt, such as vehicle or home loan.

In some cases, yes, if a creditor sues you and receives a judgement against you, it is quite possible that they may also have a lien against your house. However, the bankruptcy court can often order that such judgement liens be removed or avoided.

Declaring Chapter 7 bankruptcy is a good option for people who have few property assets and minimal funds left over after paying off monthly expenses. The process moves quickly, resulting in most of your debts being eliminated. With Chapter 7, you'll be able to keep necessities like your home and your car.

All bankruptcy cases aren't the same. You have concerns about your life and future that are all your own, so your case will receive the personal attention it deserves. We analyse your situation and choose the best course of action on how you can begin to manage your debts. You don't have to go through it alone.

If you own property and have a regular income but are finding it tough to pay off your debts and creditors, Chapter 13 is your likely option for debt relief. A schedule will be created for you to work down the debts you owe over a 3-5 year period. You should be able to keep most of your property while paying these off.

You have enough to worry about without being concerned about your legal bills as well. We offer all of our clients a payment plan option. You can get the quality legal representation you need without adding to your financial burdens.