Bankruptcy Frequently Asked Questions
Filing for bankruptcy can raise many questions. Below are answers to some of the most common concerns we hear from individuals and families considering debt relief.
What is bankruptcy?
Bankruptcy is a legal process designed to help individuals and businesses eliminate or restructure debt when repayment is no longer manageable.
Will filing bankruptcy stop collection calls and lawsuits?
In most cases, filing bankruptcy triggers an automatic stay that immediately stops collection efforts, lawsuits, wage garnishments, and creditor harassment.
Will I lose my home or car if I file for bankruptcy?
Many people are able to protect their home or vehicle, depending on the type of bankruptcy filed and their specific circumstances. This is reviewed during a consultation.
How long does the bankruptcy process take?
Chapter 7 cases often move quickly and may be completed within a few months. Chapter 13 cases involve repayment plans that last three to five years.
Can bankruptcy eliminate all debts?
Many unsecured debts, such as credit cards and medical bills, can be discharged. Some obligations, including child support and certain taxes, generally cannot.
How do I know which chapter is right for me?
Choosing the right bankruptcy chapter depends on your income, assets, and financial goals. A consultation can help determine the best option.
Learn more about your options:
Still Have Questions?
A confidential consultation can help you get clear answers based on your specific situation.