Bankruptcy FAQ

  1.   Should I file bankruptcy?
  2.   Can I keep my house if I file bankruptcy?
  3.   Will I lose everything if I file Chapter 7 bankruptcy?
  4.   Will filing for bankruptcy destroy my credit score?
  5.   If my employer finds out I have declared bankruptcy, can I be fired?

Answers

  1.   Should I file bankruptcy?
  A.   It is impossible to answer this question without detailed information about a person's debt obligations and the nature of this debt as well as their assets, employment status, income, financial obligations, etc. In many cases, bankruptcy is the best option for eliminating debts and restoring credit. This should be an economic decision, not an emotional one. By completing our free bankruptcy questionnaire we can ascertain whether bankruptcy is the best option for you.
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  2.   Can I keep my house if I file bankruptcy?
  A.   One of the benefits of filing Chapter 13 bankruptcy is that it allows you to keep your home if you have sufficient income to repay your mortgage over time. We can analyse your situation to find out if Chapter 13 bankruptcy is right for you.
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  3.   Will I lose everything if I file Chapter 7 bankruptcy?
  A.   No, there are certain assets that are exempt from liquidation. Also, many items which you own, such as your clothes and most household items don't really have much resale value so these items will not usually be liquidated by a bankruptcy trustee.
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  4.   Will filing for bankruptcy destroy my credit score?
  A.   Not necessarily. If you have been behind on your bills for some time, chances are your credit score has already suffered. Filing for bankruptcy can actually improve your credit worthiness since creditors realize that all (or most) of your historical debt obligations have been resolved by the bankruptcy filing. After filing bankruptcy, you will often find that credit card companies are eager to issue a new credit card for you because they know you are not allowed to file bankruptcy again for seven years.
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  5.   If my employer finds out I have declared bankruptcy, can I be fired?
  A.   No, this is against the law. Most employers respect this federal law so this should not be an issue. If you are fired based on the fact that you have declared bankruptcy we can protect your rights and demand that you be rehired.
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