Bankruptcy Q & A
I heard you can’t file bankruptcy any longer to get rid of debt. Instead, you have to pay everyone back.
My friend told me that even if I file bankruptcy I will still have to pay the debt back in the future. Is this true?
My mother said that someone will come from the court to sell our furniture and belongs. Will I lose everything?
Does it matter which attorney I choose to file bankruptcy with?
Here are more questions and answers from the experts at The Merna Law Group.
Chapter 13 Bankruptcy: So here is the thing. I am planning on filing chp 13 bankruptcy since I am behind on the mortgage and the bank is not willing to work out a plan. So my concern is the relief from stay. Does equity play a role in the lift. I have insurance and it is paid through the mortgage payments. If I pay all payments that come due after filing chp 13, do I need to worry about relief from stay. I do not have equity in the home since it is underwater but I do wanted to pay what I am behind over the next 60 months and pay the current payments as well? Am I worrying too much. I can pay 100 percent of my plan and also my current mortgage. Any advice?
I typically don’t advise debtors to attempt filing any chapter of bankruptcy pro se, certainly not chapter 13 due to the complexities it can involve in drafting a confirmable plan. I would advise speaking with an experienced attorney who can advise you as to the best way for you to move forward.No, this is not correct. In 2005, there were some significant changes to the bankruptcy laws. However, most of these changes only effected individuals in high income brackets. You can still eliminate your unsecured debt through Chapter 7.
Will my business be affected by me filing a personal chapter 7?: I am part owner of an s-corp (3 partners). We are in the insurance business, we have no physical assets, but we do have a monthly residual steam. I personally owe about $70,000 in credit card debt, and there is no way I can continue paying these cards. I figure with what I am making right now, and what I have in savings, I won't even be able to make minimum payments in about 3-4 months. My question is... Will my business be affected by me filing for chapter 7? What about my partners? I really don't even want to tell them, but I have a feeling they are going to find out one way or the other....
I would highly advise setting a consultation with an experienced bankruptcy attorney in your area who can help you determine whether there is a risk to your business interest in the filing of a Chapter 7 bankruptcy.