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7 Questions about Bankruptcy to Get Answers to Before Filing

Posted By Allmand Law Firm, PLLC || 28-Oct-2013

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Bankruptcy is used by millions of consumers to help them regain financial control. As a significant financial tool it has been used to help stop repossession, foreclosure, and wage garnishment. You can obtain the fresh start you need or get help repaying obligations based on what you can afford without paying interest. It is common to have questions about the process as complications may arise that would benefit from legal guidance.

The following questions are areas that many debtors have concerns about that should be reviewed before filing a petition:

  • Should I file bankruptcy on my own? Why is it recommended to file with a bankruptcy attorney?

  • What are different types of bankruptcy cases filed? (Chapter 7, 11, or 13) How do I determine which case is best for my situation?

  • If bankruptcy is filed will I lose all of my assets? How are debtors able to keep their assets when they file for protection?

  • What happens when bankruptcy is filed? What happens after the process has started and how long will the proceedings last?

  • What happens if I am behind on payment obligations such as my mortgage or car loan? How does bankruptcy help people keep their house and vehicle?

  • How much does it cost to file bankruptcy? What are my options if I can't afford the filing fees?

  • What do I need to do before I can begin the filing process? (Credit counseling and debt management courses) What information does the court need from me besides completing required paperwork?

Reference: http://www.msba.org/departments/commpubl/publications/brochures/bankruptcy.asp

Categories: Bankruptcy
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