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Browse our 2 legal questions about Bankruptcy and the lawyer answers, or ask your own questions for free.
Bankruptcy law is a legal mechanism through which individuals or businesses that are unable to repay their debts to creditors may seek relief from some or all of their financial obligations. The primary purpose of bankruptcy is to offer a fresh start to the debtor while ensuring that creditors are treated fairly. There are several types of bankruptcy, including Chapter 7, Chapter 11, and Chapter 13, each designed to address different financial situations.
Navigating bankruptcy law can be complex and emotionally challenging. Here are some common situations where legal assistance may be beneficial:
Bankruptcy laws vary from state to state, though they are largely governed by federal law. Here are some key local aspects to consider:
Chapter 7 bankruptcy involves liquidating assets to repay creditors, whereas Chapter 13 allows debtors to keep their assets and repay debts over a period of time through a repayment plan.
Once you file for bankruptcy, an automatic stay is put into place, which typically halts creditors from contacting you about your debts.
Whether you can keep your home depends on several factors, including the type of bankruptcy filed, your state's homestead exemption, and the status of your mortgage.
Filing for bankruptcy will have a negative impact on your credit score. However, it can be an opportunity to rebuild credit after debts are discharged.
If you file for bankruptcy individually, your spouse's credit should not be directly impacted. However, joint debts will still affect them.
Chapter 7 bankruptcy filings remain on your credit report for ten years, while Chapter 13 filings stay for seven years.
Generally, student loans are not dischargeable in bankruptcy unless you can prove undue hardship through a separate court process.
Reaffirming a debt means you agree to continue paying a specific debt even after entering bankruptcy, often done for secured debts like a car loan.
The cost varies depending on the type of bankruptcy and complexity of the case, including court fees and attorney fees.
While it's possible to file without a lawyer, known as filing pro se, it is generally advisable to seek legal counsel given the complexity of bankruptcy law.
Here are some resources that can assist individuals seeking legal advice on bankruptcy:
If you believe bankruptcy may be the right option for you, consider taking the following steps:
By taking these steps, you can better prepare yourself for the bankruptcy process and ensure that your interests are properly represented.
