Bankruptcy Related Q & A
Will I Lose My Primary Residence Or My Personal Property If I File Chapter 7?
Not necessarily. If you are current on your mortgage and agree to continue making your mortgage payment, then you can likely keep your primary residence.
While bankruptcy is a federal law, state law determines what personal property you can keep in a bankruptcy. In most Chapter 7’s, the debtor is able to keep all of his or her personal property. However, analyzing your exemptions and determining what property you can keep is complicated and should be done with the assistance of an attorney.
Can You Stop Harassing Phone Calls And Correspondence?
Yes. Being in debt is a difficult enough without having to worry about harassing collection calls. If retain us to file your bankruptcy, you can immediately begin referring all creditor calls and correspondence to our office. We deal with your creditors for you so you don’t have to. Once your creditors are on notice that you are represented by counsel, the calls and correspondence should cease.
After filing for bankruptcy relief, your creditors will receive notice of the automatic stay. The automatic stay prevents your creditors from taking any action against you to collect a debt. These actions include calling your home or workplace, sending threatening letters, continuing to mail bills or notices, foreclosing real property, repossessing personal property, and garnishing your wages.
One you have filed for bankruptcy, if the creditor’s continue to call you, please contact our office as soon as possible.
Does My Spouse Have To File?
Not necessarily. Because each situation is different, we undertake a comprehensive review of you and your spouse’s financial situation. Sometimes it may not make sense for one spouse to file. For example, if one spouse has good credit, minimal debt, and a reliable job, they may not need to file. However, if you have significant joint debts, and your spouse has little or no income, it may make sense for both of you to file. These are difficult issues, but with our assistance, we can help you make these all important decisions.
What Are The Credit Counseling And Debtor Education Requirements?
The 2005 Amendments to the bankruptcy code require that, with limited exceptions, people who plan to file for bankruptcy protection must obtain credit counseling from an approved organization within 180 days before they file the bankruptcy. The pre-bankruptcy credit counseling session will include an evaluation of your personal financial situation, a discussion of alternatives to bankruptcy, and a personal budget plan. Typically, the credit counseling session lasts anywhere from 30 to 90 minutes. The session can take place in person, on the phone, or online. There is a small fee, usually $50, for the credit counseling.
The 2005 Amendments to the Bankruptcy also require that you undergo a debtor education course prior to obtaining a discharge. The debtor education course will include information on developing a budget, managing money, using credit wisely, and other resources. Similar to the credit counseling class, there is a small fee to take the course and it may be done in person, on the phone, or online. The debtor education course lasts a minimum of 2 hours, and the typical fee is $50.
Keep in mind that while the agencies providing the counseling are approved by the Office of the United States Trustee Program, they are not attorneys. You should consult an attorney to properly evaluate whether bankruptcy is right for you.
What Documents Will I Need To File For Bankruptcy?
Before you file for bankruptcy, many legal documents must be collected and reviewed by the attorney. At the initial consultation we will tell you everything we need to review prior to filing your bankruptcy. We accept copies by mail, fax, or e-mail. Originals will be given back to you at the completion of your case. We can assist you with obtaining some or all of the documents, which include:
- Paystubs for the 6 months preceding the filing of the case
- 401K, Pension, Retirement, IRA statements
- The Deed and Mortgage information to all real property
- Motor vehicle information
- Complaints or other court documents filed against you
- Tax returns (from the previous 3 years)
- Driver’s License and Social Security Card
- A list of all of your creditor’s, including mailing addresses and approx. balance due
- Any other statements or documents requested by the office
To find out whether a Bankruptcy is right for you, please call (304) 344-8858 to schedule an appointment.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.