FAQs on Bankruptcy and Help

Are you looking for answers about bankruptcy? Are you nearing bankruptcy and need to know as much as you can fast? Read through these select FAQs and find the answers you need here.

Can I file for bankruptcy myself?
Although you can file yourself, hiring a bankruptcy attorney is a better option. Filing for bankruptcy is complicated and often confusing. By hiring a professional, you ensure that the correct paperwork is filed and that the process will go smoothly.

Will I have to sell my house if I file for bankruptcy?
Under some chapters of bankruptcy, you must sell your assets, while other chapters permit you to keep them. Whether you can keep your home depends on the amount of equity you have in the home and the chapter you qualify under. A bankruptcy attorney can advise you about your options and rights.

Does bankruptcy discharge student loans?
In most cases, student loans cannot be discharged in bankruptcy. A bankruptcy judge can discharge them in extreme hardship situations, but this is rare and requires additional court filings.

Will my spouse be affected by my bankruptcy?
No. If your spouse didn’t sign any agreements that would include her in the bankrupt accounts, your spouse will not be affected by your bankruptcy. There are exceptions to this rule in different states so consult a bankruptcy lawyer for specifics.

What debts does bankruptcy NOT erase?
There are a number of debts that aren’t erased by bankruptcy. For starters, those debts you fail to list on your bankruptcy papers are not erased. Other debts not erased include student loans, alimony, child support, and tax debts.

Should I use a bankruptcy lawyer or file my own bankruptcy?
If you don’t know a thing about bankruptcy, it’s a good idea to hire a lawyer. They typically range between $1,000 and $2,000 and can file all paperwork necessary to have a smooth bankruptcy.

For more information, resources, and guides on bankruptcy, visit Bills.com