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Bankruptcy FAQ Attorneys - Potter Handy, LLP


What is "Bankruptcy?"

Bankruptcy is a very powerful federal process that allows you to eliminate your debts or create payment plans to pay or portion (or all) of your debts over time, often with reduced interest and balances. The right to file bankruptcy is provided for in the United States Constitution and in comprehensive federal legislation since.

What is the difference between Chapter 7 and Chapter 13 filings?

Chapter 13 bankruptcy filings "restructure" debts to make them easier to pay back over time, usually with reduced balances and interest rates. Chapter 13 is usually suitable for debtors with regular paychecks.

Chapter 7 bankruptcy is also known as liquidation, and is the most common form of filing bankruptcy. Debts are eliminated after non-exempt property of the debtor is liquidated and proceeds are forwarded to the creditors.

One of our experienced bankruptcy attorneys can further discuss these options with you, so do not hesitate to contact our offices if you are considering filing for bankruptcy.

Will it stop creditors from harassing me?

Yes! As soon as we file your case, an automatic stay will prevent harassing phone calls and mail.

How long will bankruptcy be on my credit?

Usually up to 10 years.

Which bills can be included in bankruptcy?

Usually, all of your debts must be included in your bankruptcy filing. It is best to create a list of your debts to discuss with our attorneys at your first meeting. Just because you list all your debts doesn't mean you cannot keep your secured assets.

How does bankruptcy affect my mortgage?

If filed correctly, a bankruptcy action can stop foreclosure on your home. Ask one of our attorneys how we can help you save your home.

Will I lose my social security payments?

No.

Will I lose my car or personal belongings?

State and Federal laws govern which personal property can be kept. The good news is that the allowed values of property you can keep is generous, and should not affect a modest lifestyle. Our attorneys will work to help you keep as much of your property as possible.

What is a bankruptcy "discharge?"

A discharge is the official notice that your debts have been resolved by the method indicated in your bankruptcy filing.

How long does the process take?

You will receive your Chapter 7 discharge 60 days after the first meeting of your creditors. Chapter 13 discharges are sent to you when you have paid the last of your restructured payments to your creditors.