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Frequently Asked Questions
What Is Bankruptcy?
A bankruptcy is a legal declaration that an individual or organization is unable to pay its creditors or debts. Bankruptcy filings are mostly regulated by laws under the jurisdiction of the federal government. The validity of bankruptcy claims and exemptions are governed by state law …
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Is child support dischargeable in bankruptcy?
Typically, child support obligations cannot be discharged through bankruptcy. Child support obligations might include other types of support as well, such as medical bills or educational expenses for children. This means that even if all of your other debts are discharged in bankruptcy, you will …
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Do I Need An Attorney To File Bankruptcy?
Federal law does not require you to have an attorney. You are allowed to file pro se, that is, on your own without an attorney. However, without the assistance of an attorney, it is extremely difficult to do so successfully. Hiring a competent attorney is highly recommended.
Does filing for bankruptcy allow me to modify my child support obligation?
Maybe. If your income has drastically changed for various reasons, such as layoff or illness, then you may be eligible for a modification of your child support obligation. The circumstances under which you can modify your child support obligation will vary according to your state’s laws.
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Who Can File For Bankruptcy?
Any person, partnership, corporation or business trust may file bankruptcy. In addition, charitable or social organizations may also file for bankruptcy. United States citizenship is not a requirement for filing bankruptcy
How long does the bankruptcy process take before debts are discharged?
In Chapter 7 bankruptcy proceedings, debts can be discharged in a matter of months in a relatively uncomplicated case involving few or no assets. On the other hand, Chapter 13 bankruptcies involve repayment plans that can stretch over a period of three to five years before debts are finally …
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How Do I Know If I Should File For Bankruptcy?
You should file if you are unable to pay your debts and there is no possibility that you ever will. The most common reasons for filing for bankruptcy are unemployment, large medical expenses, overextended credit and other large unexpected expenses. Deciding to file for bankruptcy is a …
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Someone who owes me money filed for bankruptcy. How do I know if I can still collect my debt?
If you are a creditor, or someone to whom the debtor owes money, then you will be given notice of the bankruptcy proceedings, as well as notice to file a claim for the amount of your debt in cases where some assets are available. You also will receive a notice from the bankruptcy court that …
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