Answers To Your Bankruptcy Questions
Many people are misinformed about bankruptcy. Some people think that they can go to jail if they file bankruptcy. Many are worried about losing their house and other personal property. Others are worried that they will never get credit again.
Free consultation: Get the facts and skip the misinformation by talking to a bankruptcy lawyer. Complete our online contact form to schedule a free consultation at Gregersen Law in Salt Lake City, Utah.
Frequently Asked Questions About Bankruptcy
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What is bankruptcy?
Can I go to jail for filing bankruptcy?
Are there any reasons to file Chapter 13 if you qualify for Chapter 7?
How long does the bankruptcy process take?
What does it mean to have my bankruptcy case discharged?
What debts are discharged?
Can I file with or without my spouse?
Will bankruptcy affect my spouse?
Will I lose my retirement account if I file for bankruptcy?
Should I use my 401(k) to pay my debts?
How long does the whole bankruptcy process take?
How does bankruptcy affect a cosigner? Chapter 13: If a cosigned consumer (non-business) debt is being paid in full in a Chapter 13 bankruptcy, the creditor cannot collect the debt from the cosigner. However, if this debt is notbeing paid in full (only a percentage), the creditor may attempt to collect the unpaid portion of the debt from the cosigner when the case is completed. Keep in mind, this does not apply to cosigned business debts, even if the debts are to be paid in full in the Chapter 13 bankruptcy plan.
Can I keep certain debts out of the bankruptcy?
I signed a document that said I wouldn't file-can I still file for bankruptcy?
I have heard a lot about consumer credit counseling being a better option than bankruptcy. Is that true? Contact us today for a free consultation to discuss the differences between the legal protections of bankruptcy and the unregulated and often misleading world of credit counseling.
I can't make my mortgage payments. Can bankruptcy help me? If you will be able to make your mortgage payments in the future and simply need time to catch up, a Chapter 13 bankruptcy will give you three to five years to cure any arrears on your mortgage and keep you in the home. However, if your financial situation is such that you will not be able to make future mortgage payments, then filing for Chapter 7 bankruptcy can give you three to five months to get your finances in order while your case proceeds. You will likely be able to live in your house without making any mortgage payments for most of this time. This will give you time to save money to put toward your next living situation.