Here are some of our most frequently asked questions about Bankruptcy…
Question: Do I have to go before the Judge?
Answer: No. Most debtors never see a judge in the bankruptcy process.
Question: Can I just file a medical bankruptcy?
Answer: There is no such thing as a medical bankruptcy. The majority of your debts may be medical bills, however all debts can be included.
Question: Will I lose my retirement?
Answer: Most retirement funds are exempt and do not take from your personal property deduction amount. ($10,000/$20,000).
Question: What is the difference between a Chapter 7 and Chapter 13?
Answer: A Chapter 7 is a liquidation of all of your debts and leaves you with enough assets to start fresh. A Chapter 13 allows you to pay a percentage of your creditors back over a period of 36 to 60 months. A chapter 13 bankruptcy can also help you prevent foreclosures and auto repossessions.
Question: Can I keep my car/home?
Answer: Most debtors are able to keep their cars and homes as long as they continue to make payments.
Question: Will they take all of my “stuff” (personal property)?
Answer: A single person can keep up to $10,000 in personal property and a married couple $20,000.
Question: Do they publish my bankruptcy in the newspaper?