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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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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.
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 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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Will I Lose My House, Car, And Other Personal Property?
Not necessarily, each state has laws that determine which items or property are exempt from being taken away. For example, many states exempt personal items such as furniture and clothing. In addition, other kinds of property are exempt up to a limit. These exemption limits mean that any equity …
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After I File For Bankruptcy – Will My Creditors Still Be Able To Call Me?
Yes. When filing for bankruptcy the “automatic stay” prohibits creditors from trying to collect on debts. These efforts include being prohibited from contacting you in order to collect the debt. When you hire an attorney, any communication from a creditor is usually …
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How Long Will A Bankruptcy Show On My Credit Reports?
The Bankruptcy Court has no jurisdiction over credit reporting agencies. The Fair Credit Reporting Act, 6 U.S.C. Section 605, is the law that controls credit reporting agencies. The law states that credit reporting agencies may not report a bankruptcy case on a person`s credit report after ten …
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What is a means test?
A "means test" in a bankruptcy proceeding is one of the factors used to determine whether an individual debtor is eligible to file for bankruptcy under Chapter 7. The means test looks at the debtor's aggregate current monthly income (looked at over a number …
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