Bankruptcy and Debts Overview FAQs

• Q: What Is Bankruptcy?
  A: 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
• Q: Who Can File For Bankruptcy?
  A: Any person, partnership, corporation or business trust may file bankruptcy. In addition, charitable or social organizations may also file for bankruptcy. United States … More
• Q: How Do I Know If I Should File For Bankruptcy?
  A: 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
• Q: Will I Lose My House, Car, And Other Personal Property?
  A: Not necessarily, each state has laws that determine which items or property are exempt from being taken away. For example, many states exempt personal items such as … More
• Q: Do I Need An Attorney To File Bankruptcy?
  A: 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
• Q: Where Can I Get Advice About Bankruptcy?
  A: The best course of action is to schedule an appointment with an attorney who practices within the area of bankruptcy. Many attorneys provide an initial consultation … More
• Q: After I File For Bankruptcy – Will My Creditors Still Be Able To Call Me?
  A: Yes. When filing for bankruptcy the “automatic stay” prohibits creditors from trying to collect on debts.  These efforts include being prohibited from … More
• Q: Is There A Limit On The Number Of Times That I Can File For Bankruptcy?
  A: 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
• Q: Can I File For Bankruptcy Every Few Years?
  A: No. Once a discharge is granted, a debtor who filed under Chapter 7 or 11 is prohibited from filing for another 6 years. However, a debtor who filed under Chapter 7 … More
• Q: How Long Will A Bankruptcy Show On My Credit Reports?
  A: The Bankruptcy Court has no jurisdiction over credit reporting agencies. The Fair Credit Reporting Act, 6 U.S.C. Section 605, is the law that controls credit reporting … More