Bankruptcy and Debts Overview FAQs
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What is bankruptcy?
A bankruptcy is a legal declaration that an individual or organization is unable to pay its creditors or debts. Bankruptcy filings are mostly regulated by laws … more -
What is a claim?
In the broadest sense, a claim is any right to payment held by a person or company against you and your bankruptcy estate. A claim does not have to be a past due … more -
How do I know if I should file for bankruptcy?
You should file if you are unable to pay your debts and there is no possibility that you ever will. The most common reasons for filing for bankruptcy are unemployment, … more -
Who can file for bankruptcy?
Any person, partnership, corporation or business trust may file bankruptcy. In addition, charitable or social organizations may also file for bankruptcy. United States … more -
What are exemptions?
11 U.S.C. º 522(b) allows an individual debtor to exempt real, personal, or intangible property from the property of the estate. State law protects exempt assets … more -
After I file for bankruptcy – will my creditors still be able to call me?
Yes. When filing for bankruptcy the “automatic stay” prohibits creditors from trying to collect on debts. These efforts include being prohibited from … more -
Is there a limit on the number of times that I can file for bankruptcy?
The time periods between bankruptcies depends on the type of the previous filing and the type of new filing. If your new filing is a Chapter 7, you must wait … more -
Do I need an attorney to file bankruptcy?
Federal law does not require you to have an attorney. You are allowed to file pro se, that is, on your own without an attorney. However, without the assistance of an … more -
What if I am married?
If you are married, you may file a joint petition. A joint petition is the filing of a single petition by an individual and the individual`s spouse. In order to … more -
Can an employer discriminate against me for filing for bankruptcy?
Generally, government and private employers may not discriminate against you for filing bankruptcy. Federal law prohibits private employers from discriminating with … more
Bankruptcy Sub-categories
