A: Typically, if you are married and the debt is entirely in your name, your spouse will not be affected by your filing for bankruptcy protection. It is not uncommon for one spouse to file for bankruptcy while the other chooses not to do so.
A: High income does not bar an individual from filing for bankruptcy. It may be taken into consideration when seeking to qualify for a chapter 7 bankruptcy. However, high income does not necessarily mean one has high disposable income. A typical high wage earner has high expenses. This means that a high wage earner may not be in a better financial position than a low wage earner and could qualify for bankruptcy protection.
A: Nagging creditor calls must cease upon the filing of a bankruptcy petition. This means that those harassing creditors are prevented from any contact with you once your petition is filed.As a matter of fact, once you retain Mr. Yehl as your attorney, creditors must cease communication upon notification of the retention.
A: Foreclosure sales will be prevented upon the filing of bankruptcy as long as they are filed timely. It may be possible, though not recommended, to file bankruptcy on the eve of a foreclosure sale to prevent a sale. However, this is not recommended as bankruptcy planning tools may not be implemented based on the shortage of time. One must plan properly for bankruptcy. If you are facing foreclosure, please do not delay contacting us as we will need adequate time to prepare a Quality bankruptcy petition on your behalf.
A: Typically, wage garnishments will be stopped upon the filing of a bankruptcy petition. In other words, when a bankruptcy is filed, all creditors must cease from taking any action against you or your assets. This is guided by the Automatic Stay. The bankruptcy stay prohibits Creditors from any collection activity on your account. This includes phone calls, lawsuits, mailings and any other form of collection.
A: Generally, divorce obligations will not be discharged in bankruptcy. It depends on the particular obligation. For example, are you seeking to discharge child support? If yes, the Court will not be likely to discharge that responsibility. However, if you have other unsecured debt that makes it difficult to meet your support obligations, bankruptcy could eliminate those responsibilities, making it easier to meet your support obligations.
A: Transfers of property within one year of filing bankruptcy can be canceled by the Bankruptcy Court. However, the Court can look back farther than one year under certain circumstances. This may or may not be problematic depending on the asset and its value.
A: Typically, certain tax debts can be discharged in bankruptcy. This will depend on how old the tax debts are and whether the taxes were timely filed. Generally speaking, if the debts are three years old, they may be discharged. Though this does not necessarily occur in all situations. We would need to review your particular circumstances with you to determine whether your tax obligations could be discharged.
A: In most situations, all of your unsecured debt will be cancelled (also known as discharged) in bankruptcy. Unsecured debt consists of credit cards, store cards, medical bills, personal loans not secured by assets, etc. However, certain debts may not be discharged. Typically, these debts include child support, marital obligations, etc.
Call Now For A Free Strategy Session (877) 606-1222