http://resources.lawinfo.com/en/Legal-FAQs/Divorce-and-Bankruptcy/index.html LawInfo - Legal Resource Center offers free legal forms and free legal documents that is designed to help consumers and businesses resolve their legal issues http://resources.lawinfo.com/en/Legal-FAQs/Divorce-and-Bankruptcy/Federal/what-is-bankruptcy-.html Bankruptcy is a legal method of eliminating debt and providing a means for debt&shy;oppressed people to obtain a fresh start. In many cases, bankruptcy means the elimination of the debt that you owe to your creditors. There are two primary forms of bankruptcy, Chapter 7 and Chapter 13. Divorce and Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Divorce-and-Bankruptcy/Federal/does-my-divorce-decree-protect-me-if-my-ex-sp.html If you are contractually bound with your ex&shy;spouse on a debt, the creditor can require the entire payment of that debt from your share of the community property even though the divorce decree assigns the debt to your ex&shy;spouse. Depending on the terms of your divorce decree, you may be able to have certain support obligations under it determined to be non&shy;dischargeable by the bankruptcy court or in state court. If you find out that your ex&shy;spouse has filed for bankruptcy, you should seek legal advice to find out your possible obligations. Divorce and Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Divorce-and-Bankruptcy/Federal/what-effect-does-bankruptcy-have-on-child-sup.html Filing for bankruptcy protection does not allow your ex to discharge past due child support obligations. Any back payments owed for child support cannot be included as a debt and cannot be discharged in a bankruptcy proceeding.&nbsp; However, the filing of a bankruptcy petition automatically stops collection activities on a support order. Since there are legal procedures that must be followed in order to lift the stay regarding the payments, it is crucial to retain an attorney who has expertise in bankruptcies. Divorce and Bankruptcy FAQs Mon, 04 Jun 2007 21:51:22 GMT http://resources.lawinfo.com/en/Legal-FAQs/Divorce-and-Bankruptcy/Federal/who-can-file-chapter-7-bankruptcy.html You must reside or have a domicile, a place of business, or property in the United States or a municipality. You must not have been granted a Chapter 7 discharge within the last 6 years or completed a Chapter 13 plan. You must not have had a bankruptcy filing dismissed for cause within the last 180 days. It must not be a substantial abuse of bankruptcy to grant the debtor relief.Generally speaking, if after you pay the monthly expenses for necessities there is not enough money to pay the remaining monthly debts, then granting a discharge would not be an abuse of Chapter 7. It would not be fundamentally unfair to grant the debtor relief under Chapter 7 or Chapter 13. Divorce and Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Divorce-and-Bankruptcy/Federal/why-is-it-legal-to-wipe-out-our-debts.html <p>More so than in any other time in our country`s history, our economy is based on consumer debt. In fact, in this age of multibillion dollar corporate bailouts, easy credit and relentless bombarding of seductive messages cajoling us to charge, consume, buy it is not surprising that so many people are drowning in debt.&nbsp;&nbsp;</p> <p>For many of us, this debt is insurmountable and is causing family problems and feelings of hopelessness and even suicide. With credit card interest as high, or higher, than 20%, many feel like modern day indentured servants. Many times, the debt is occasioned by unforeseen events such as loss of a job or medical bills, but more often it is simply poor planning. Nevertheless, in instituting our bankruptcy laws, Congress recognized that responsible, well&shy;intentioned people could from time to time run into financial problems. By allowing you to recover from your debt burden you will be able to start afresh, look to the future and become a more productive member of society. This is good for you and for good for society as a whole.</p> Divorce and Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Divorce-and-Bankruptcy/Federal/will-i-have-to-give-up-any-of-my-property-to.html The vast majority of filers get all or most of their debts discharged (wiped&shy;out) without giving up any of their own property. This is because federal as well state laws provide exemptions for your property. Exempted property is property such as household goods and personal belongings, which you may keep despite your bankruptcy. Divorce and Bankruptcy FAQs Mon, 04 Jun 2007 21:51:22 GMT http://resources.lawinfo.com/en/Legal-FAQs/Divorce-and-Bankruptcy/Federal/are-some-of-my-debts-not-dischargeable.html Some kinds of debts are not dischargeable, which means that you will remain obligated to repay them even after you complete your personal bankruptcy. Examples of nondischargeable debts are certain state and federal taxes, student loans unless at least 7 years old and debts that were induced or extended by fraud. Divorce and Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Divorce-and-Bankruptcy/Federal/what-is-a-chapter-13-bankruptcy-.html Under a chapter 13 bankruptcy, a debtor proposes a 3&shy;5 year repayment plan to the creditors offering to pay off all or part of the debts from the debtors` future income. <p>The amount to be repaid is determined by several factors including the debtors` disposable income. To file under this chapter you must have a regular source of income and have some disposable income. Like in a Chapter 7, corporations and partnerships may not file under this chapter.</p> Divorce and Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Divorce-and-Bankruptcy/Federal/when-is-a-chapter-13-a-better-alternative-tha.html There are several situations where a chapter 13 is preferable to a chapter 7. A chapter 13 bankruptcy is normally for people who have too much income to file a Chapter 7 bankruptcy or have the kind of debt that is non&shy; dischargeable in a Chapter 7 (e.g. certain taxes). Also, people file Chapter 13 because they are behind on their mortgage or business payments and are trying to avoid foreclosure. A chapter 13 bankruptcy allows them to make up their overdue payments over time and to reinstate the original agreement. Also, where a debtor has valuable nonexempt property and wants to keep it, a chapter 13 may be a better option. However, for the vast majority of individuals who simply want to eliminate their heavy debt burden without paying any of it back, Chapter 7 provides the most attractive choice. Divorce and Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Divorce-and-Bankruptcy/Federal/how-quickly-will-my-creditors-get-notice-of-m.html Within a couple of weeks of the filing of your petition, the bankruptcy court clerk mails your creditors notice of the filing and the imposition of the automatic stay. Until the creditors get notice, it may be necessary for you supply the creditor with the docket number and date of your bankruptcy. Once they have been given notice, they must stop collection efforts against you or may be liable for court sanctions.Thankfully, for the vast majority of people, once their bankruptcy petition is filed that is the last they hear from their unsecured creditors. Divorce and Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Divorce-and-Bankruptcy/Federal/do-i-have-to-pay-my-bills-during-the-bankrupt.html For the most part, the answer is no. For specific property (usually secured) such as your car loan or your houses mortgage that you plan on keeping you should probably continue to make payments. Also, for day to day expenses such as rent and utilities you should also continue to make payments. You should stop making payments on other old debts incurred prior to the bankruptcy such as credit card debts. Divorce and Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Divorce-and-Bankruptcy/Federal/how-long-does-a-bankruptcy-take.html For a typical chapter 7 case, the discharge of your debts usually takes approximately 3&shy;-4 months.&nbsp;In a&nbsp;chapter 13 case, a debtor puts a debt repayment plan in place to pay creditors over a 3 to 5 year time frame.&nbsp; Divorce and Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Divorce-and-Bankruptcy/Federal/do-i-have-to-list-all-of-my-assets-on-my-peti.html Yes. Knowingly and fraudulently concealing your assets from the bankruptcy court is a felony and the court has the power to fine you and deny you a discharge. Remember that most bankruptcy cases are considered no asset cases since state or federal exemptions protect all of their property. Divorce and Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Divorce-and-Bankruptcy/Federal/will-i-lose-my-car-and-my-house.html As long as you continue to keep up to date on your payments on the loan that secures the property, there should not be a problem keeping your house or car, even after the bankruptcy proceeding is concluded. If you want to play it safe contact your creditor to reaffirm the debt directly. This reaffirmation agreement must then be filed and approved by the court. Divorce and Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Divorce-and-Bankruptcy/Federal/can-i-keep-any-of-my-existing-credit-card-acc.html The credit card accounts that you have a zero balance on are not technically creditors and thus are not discharged in bankruptcy. Often these creditors will allow you to keep your credit with them.If you do have an outstanding balance when you file, you may still be able to keep your account. To do this you usually must agree with the creditor to pay off the balance. Once you make an agreement with the creditor you must file the reaffirmation agreement and get the approval of the bankruptcy court. It is advisable to consult legal assistance before you reaffirm an otherwise dischargeable debt. Some creditors will allow you to get a new account with them by reapplying with them even though you discharged their debt in the bankruptcy. Divorce and Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Divorce-and-Bankruptcy/Federal/does-bankruptcy-devastate-my-credit-.html Although the record of filing bankruptcy may technically stay on your credit for up to 10 years, often by making payments on time subsequent to your bankruptcy you can regain an A credit rating within 2 years of your discharge. Divorce and Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Divorce-and-Bankruptcy/Federal/can-i-be-fired-for-filing-bankruptcy.html No, if your employer finds out about your bankruptcy, it is against federal law to discriminate against someone for filing bankruptcy.What is the procedure after I file bankruptcy like? In most cases, completing and filing your petition is the hardest part.If your bankruptcy petition does not raise any red flags for the trustee or your creditor(s), you`re usually in good shape. Thirty to forty days after filing the petition, you are required to attend the First Meeting of Creditors or Section 341(a) Examination. At this meeting, creditors are given the opportunity to ask you questions. There is no judge for this hearing, just the Trustee in charge of your case. However, in most no asset cases, rarely do creditors show up for this hearing. Normally there is a room full of other filers and the questioning by the Trustee is very limited since they are usually pressed for time.In most cases, the key to the success of your case lies in your bankruptcy petition. Normally, 3&shy;4 months from the time the petition is filed, you are granted final discharge of your debts. Divorce and Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Divorce-and-Bankruptcy/Federal/can-i-run-up-my-credit-cards-right-before-i-f.html No, running up your credit cards on the eve of bankruptcy in anticipation of filing may cause your debt to be non&shy;dischargeable on the grounds of fraud and you can be fined. You should get legal advice concerning large amounts of credit card debt incurred for luxury goods right before your bankruptcy. Divorce and Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Divorce-and-Bankruptcy/Federal/can-i-file-bankruptcy-without-a-lawyer.html Yes, no matter what state you are in, you have the right to file bankruptcy without a lawyer. In fact, a fast growing percentage of people are filing without lawyers. They realize that many bankruptcies are highly routine and could be filed without a lawyer. Therefore they chose to save the money ($1,000 or more) and do it themselves. Thousands have used bankruptcy kits such as ours to guide them and have successfully filed their own bankruptcy without paying a retainer fee. Divorce and Bankruptcy FAQs Tue, 29 May 2007 21:19:00 GMT http://resources.lawinfo.com/en/Legal-FAQs/Divorce-and-Bankruptcy/Federal/is-hiring-a-bankruptcy-petition-preparer-to-h.html It depends on your case. However, the facts are that the vast majority of bankruptcy cases could have been successfully handled without an attorney. However, you must keep in mind that they cannot give you legal advice and charge anywhere from $150&shy;250 just to type your petition. You are probably better off filling in the forms yourself using a step by step guide. 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